Opening Hours

Open at 9:00am on Monday

Opening Hours

  • Monday - Thursday

    9:00am - 8:00pm

  • Friday

    9:00am - 5:30pm

  • Saturday

    9:00am - 5:00pm

  • Sunday

    Closed All Day

Our Address

Key, Baines House,

4 Midgery Court, Fulwood,

Preston, PR2 9ZH


0800 531 6027

Key's free equity release advice

If you're thinking of releasing equity from your home, the first thing to understand is that it's a requirement of the Financial Conduct Authority (FCA) that you get regulated advice to make sure your interests are protected.

The question is whether you want to pay for it, or not?

Whilst many advisers are happy to provide their initial consultation for free and without obligation, if you then decide to proceed you could be hit with a sizeable charge for their advice.

All of our equity release advice relates to our range of Key-branded lifetime mortgage products and is completely free of charge. So you can find out if it's right for you without it costing you a penny. Not just the initial consultation, but the whole advice process from start to finish.

How much could equity release advice cost me?

For example, based on an average release amount of £102,143 a whole of market advice fee could cost you £2,032^. So, it's worth asking your adviser what they might charge you. And if they are charging an advice fee then you have nothing to lose by exploring your options with us.

If you were to add the cost of the advice to your loan as many do, this could end up costing you more over time due to compounding interest. After 15 years, the cost to your estate of adding the fee would look like this.

But does the cost of advice change depending on how much I want to release?

With Key it doesn't - our advice is always free. However, other advisers can charge you varying amounts depending on the size of your loan. 

Typically whole of market advisers will either charge you a minimum fee, or a percentage of the release amount - whichever is larger. So above the minimum fee threshold, the more you release the more you pay in advice fees, despite the advice process being the same. So make sure you check with your adviser what fees they are going to charge you, if you do decide to seek advice from another company.

For example, using a minimum fee of £1499 or 1.99% of the release amount, let's take a look at how the amount you borrow affects the fees you will have to pay for whole of market advice:

What do leading equity release advisers charge for their advice if you decide to go ahead?

The advice fees that many equity release advisers charge varies from company to company. In the table below you can see the advice fees charged by leading equity release specialists.

Advice fee information correct as of 24th September 2020.

Why don't Key Equity Release charge for advice when others do?

In 2019 we created and launched our own range of 70 lifetime mortgage plans using the unique insight we've gained from over 20 years' experience in equity release. We earn our money directly from the sale of a product. The big, and important, difference is we don't charge an advice fee on top of this, which means a real saving on the cost of advice for you, our customers.

We're happy to say that, since October 2019, our customers have saved over £4.5 million in advice fees as a result.

Am I eligible for Key's free equity release advice?

This is no gimmick. If you're eligible for one of our lifetime mortgage products, you're eligible for our free expert advice.

Do you charge higher interest rates to cover your free advice?

No, none of our products are priced differently to account for the costs of free advice.

Our range of equity release plans has been designed to meet most customers’ needs, with competitive annual interest rates as low as 2.80%** fixed for life and features such as inheritance protection for your loved ones. How our competitors price their products is constantly monitored and we try to offer rates as good as or in some cases better, on comparable products.

In fact we’re confident that our range of products is competitive in the market for rate and features – despite all our expert advice being fee-free. Here’s an example of how our lowest rate compares to two other leading providers in the market:

And when you combine our low rates and no advice fee your total cost of borrowing could be lower, when compared to a whole of market alternative.

Taking an average 70 year old customer with a house worth £320,418 we have compared the best available rates from across the market to the best of what Key can offer, and calculated the total cost of borrowing across a range of loan amounts. In each example we have added a whole of market advice fee (£1,499/1.99% of the release amount) to the initial loan, as many customers do this.

The results of the comparison, set out below, shows that choosing our free equity release advice and competitively priced plans, over the whole of market alternative, could reduce your total cost of borrowing.

What sort of features do your plans offer?

The range of features available on our plans have been designed with you in mind, offering ways to manage the size of your loan, enhanced rates based on your personal health and no monthly repayments.

No monthly repayments

With a lifetime mortgage - the most popular form of equity release - there are no monthly repayments for you to make, as the loan, plus roll-up interest, is repaid when your plan ends.

Lump sum or drawdown

Choose whether to receive your tax-free cash in one go or in stages following an initial release

Downsizing protection

After five years, if for any reason you need to move home, you can repay your loan in full without penalty if your new property doesn't meet the lender's criteria.

Inheritance protection

You can ring-fence a percentage of your home's future value to be passed on as a guaranteed inheritance, regardless of how much interest accrues.

Partial capital repayments

You can make voluntary, ad-hoc repayments on the capital amount borrowed to reduce the size of the loan on which interest is charged - subject to criteria.


If you, or any other applicant, have any health problems or make certain lifestyle choices, like smoking, you could be able to release more of your home's value.

Is free advice good advice? 

Definitely. Even though we don’t charge you an advice fee we guarantee two in-depth appointments. We will take the time to thoroughly understand your personal circumstances and needs, always making sure you’ve considered all other borrowing options, and that you’re balancing your current needs with your long-term plans.

We’ll still do all the legwork – our qualified advisers will help you find the right product from our range of plans, answering all your questions about equity release and if it isn’t right for you, we’ll tell you. We always have your interests at heart, and if you do decide equity release is right for you, we’ll support you every step of the way from application to completion without ever charging you a fee for our advice.

We believe that your experience of equity release should be personal and transparent with all the support you need from start to finish. Our commitments to you are:

Personal - Everything we do is tailored to you

All our expert equity release advice is unique to you and your circumstances. Your Key Equity Release adviser takes the time to understand your needs, ensuring they find and recommend the right solution for you. We’ll search the product range we have created, guided by 20 years’ experience and our unique insight from helping 1 million people decide if equity release is right for them, so you can be confident we’ll find a plan that suits you.

Transparent - Totally clear and honest. Always.

Whatever we do, we always have your interests at heart, ensuring you have considered other funding options such as downsizing or alternative forms of borrowing - and if equity release isn’t right for you, we’ll tell you. As Key’s five-star rating on Trustpilot will show you, we’re the most trusted equity release broker in the UK, with an excellent rating from over 16,000 customer reviews.

Supportive - Helping you make the right decision with no pressure

We believe equity release is a personal journey and a decision that’s sometimes difficult to make. With Key Equity Release there’s no pressure to go ahead. Your adviser will give you all the information you need about equity release for you to make an informed decision in your own time. If you do decide to go ahead then all the paperwork and admin will be handled by a dedicated member of our team.

In a nutshell we offer fully-qualified, personalised and transparent advice so you can make the right decision about equity release, all completely free of charge.

To find out how much you could release from your home and how much you could save on advice costs use our free online equity release calculator below:

How is your figure calculated?

Our equity release calculator uses two main factors to quickly work out how much tax-free cash you could release:

  • Property value: A higher property value will result in a higher equity release calculation. The minimum property value to be eligibile for equity release is £70,000
  • Age of youngest applicant: If you are applying as a couple, the amount of equity you can release will be calculated based on the youngest applicant. Both applicants must be aged 55 and over to be eligible

Compare equity release plans

  • After your initial calculation, where our calculator reveals how much you could release, you will be able to compare plans and the different rates that may be available to you
  • Learn about the different features that may be an option for you, such as inheritance protection, that help to ensure your equity release plan is right for you
  • All our plans meet the Equity Release Council standards and have a no negative equity guarantee

Things to consider

  • You have to get advice before releasing tax-free cash from your home - please read all our information and make sure it’s right for you
  • Key Equity Release offer lifetime mortgages only, which is a loan secured against your home. It will reduce the value of your estate and may affect your entitlement to means-tested benefits
  • All of our plans meet the Equity Release Council standards and come with several protections, including the no negative equity guarantee, which means you’ll never owe more than your home’s value
  • While all our advice is free of charge, there may be associated costs with equity release in the same way there are costs when you take out a regular mortgage, such as solicitors’ fees and a surveyor’s valuation - read more about associated costs

Equity Release Council Spring Market Report 2020 - Average lump sum initial advance in H2 2020. Based on whole of market example advice fee of 1.99%.

* Equity Release Council Spring Market Report 2020 - Average product rate in January 2021. Based on a plan with fixed interest rate of 3.95%.

** Lowest available rate correct as of 5 May 2021. Most Key Equity Release customers have received a fixed annual interest rate of 3.59% or lower. The overall cost for comparison is 3.76% APR. Fixed annual interest rate (3.59%) and overall cost for comparison (3.76%) correct as of 5 May 2021. Interest rate received and plan features are subject to eligibility. Ask for a personal illustration.
Page last updated: Wednesday 21 July 2021