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Equity release
Key's free equity release advice

Free equity release advice from Key


Key's expert equity release advisers are fully qualified to give you equity release advice to help you find the most suitable lifetime mortgage product for your needs.

Is paying for equity release advice worth it?

If you're thinking of releasing some of the 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. Getting expert advice is absolutely crucial to ensure you balance your current needs with your long-term plans before making a choice about whether to go ahead or not.

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

At Key, we’re committed to saving our customers money, which is why our expert advice won’t cost you a penny. Not just the initial consultation, but the whole advice process; from start to finish. All our equity release advice relates to our range of Key-branded lifetime mortgage products and is completely free of charge.
 

Is free advice good advice?

Even though we don’t charge you an advice fee, we offer two appointments; taking the time to thoroughly understand your personal circumstances and needs, always making sure you’ve considered all other borrowing options before making a recommendation. And if equity release 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.

What could equity release advice cost?

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. 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.

Do equity release advice fees change depending on how much equity is released?

With our Key-branded products, our advice is always free. In contrast, whole-of-market advisers will typically either charge you a minimum fee, or a percentage of the release amount - whichever is larger.

The more you release above the minimum threshold, 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 £1,499 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 go ahead with an equity release plan, the advice fees that many equity release advisers charge varies from company to company. In the table below you can see a comparison of 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 £12 million in equity release advice fees as a result.

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

Yes, If you're eligible for one of our lifetime mortgage products, you're eligible for our free expert advice. Use our Equity Release Calculator to see how much you may be able to release.

Do Key charge higher interest rates to cover free equity release advice?

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

Our range of equity release plans have been designed to meet most customers’ needs, with competitive annual interest rates as low as 2.50%** fixed for life, with features such as inheritance protection for your loved ones. We constantly monitor our competitors' prices to ensure we 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 of 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 interest rates with your free equity release advice saving, 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 equity release 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 opting for one of our competitively priced Key-branded plans (saving on equity release advice costs) over the whole-of-market alternative, could reduce your total cost of borrowing.

Applying for equity release will involve fees which will add costs to the application process. Find out what the associated equity release costs are.

Find out what features our plans can offer

Read more about the features of Key's plans
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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, our fully qualified advisers offer expert, personalised and transparent advice so you can make the right decision about equity release, all completely free of charge.
 

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

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 2 September 2021. Most Key Equity Release customers have received a fixed annual interest rate of 3.53% or lower. The overall cost for comparison is 3.70% APR. Fixed annual interest rate (3.53%) and overall cost for comparison (3.70%) correct as of 2 September 2021. Interest rate received and plan features are subject to eligibility. Ask for a personal illustration.
Page last updated: Tuesday 21 September 2021