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You may be wondering “what is equity release and how does it work”? Simply put, the equity in your home is the market value of your property minus any outstanding mortgage or other debts you might have secured against it and equity release is a way for homeowners over 55 to release tax-free funds from their home without having to move.
When you look into equity release as an option, as long as you meet our eligibility criteria you could release some of the tax-free money as a one off lump sum or a smaller initial release then further installments when you need them. The money you release from your property will need to pay off any outstanding mortgage and secured debt you have first, then the rest is yours to spend in a variety of ways.
With a lifetime mortgage, the most popular type of equity release, there are typically no monthly repayments to make as the loan, plus roll up interest, is repaid when the plan comes to an end. Usually this is when you sell your house, enter into long term care or when you pass away. Key Equity Release offer lifetime mortgages only, which is a loan secured against your home.
Before you start the application process for taking some of the equity out of your home, it’s important to remember that you can’t release equity without getting professional advice first. Our equity release advisers will give you advice that is unique to you and your needs, and if equity release isn’t right for you, they'll tell you. We pride ourselves on being completely transparent with all of our customers.
The most popular form of equity release is a lifetime mortgage, and for your peace of mind all of our plans come with several assurances, including the no negative equity guarantee.
As long as you’re eligible, the amount you could release is based on a number of factors. The youngest applicant's age, general health and lifestyle and the value of your property are the main things we look at.
When taking your property into account, we’ll look at the type of construction and the overall condition. We also take into consideration any debts you have secured against it, which will need paying off before your money is released.
In 2019, Key customers had access to an average of £90,374 to spend in a variety of ways, such as once-in-a-lifetime holidays, home improvements or gifts.
If you’re thinking “how much equity can I release”, why not head over to our free online calculator. This will give an indication of how much in tax-free funds there could be waiting for you in your property.
Why not make the most of our fixed-for-life annual interest rates too? As of 5 January 2021, Key customers could access rates as low as 2.37%.
Most Key Equity Release customers have received a fixed annual interest rate of 3.79% or lower. The overall cost for comparison is 3.97% APR. Lowest available rates correct as of 5 January 2021. All other stated rates correct as of 5 January 2021. Interest rate received and plan features are subject to eligibility. Ask for a personal illustration.
Key Equity Release offer lifetime mortgages only, which is a loan secured against your home. It is the most popular type of equity release and we offer lump sum lifetime mortgages and drawdown lifetime mortgages. For homeowners over 55, you could release some of the tax-free funds that are tied up in your home. If you’re worried about no longer owning your home, with a lifetime mortgage you still retain full ownership of your property.
Depending on how you want to receive your funds, whether that’s in a one off lump sum or in smaller amounts following an initial release, will determine which lifetime mortgage is right for you.
A drawdown lifetime mortgage offers you more flexibility than a lump sum plan. First, you’ll agree an overall sum of money you can borrow. You can then take an initial lump sum and then withdraw smaller amounts as and when you need it.
When you’re deciding which option is right for you, why not take a look at our comparison between a lump sum and drawdown lifetime mortgage option.
On top of your lifetime mortgage product, you can add extra features for added peace of mind should you need it. For example, with some plans you could add downsizing protection or inheritance protection depending on what your concerns might be. All of our plans are covered by the no negative equity guarantee. Read more about downsizing protection or inheritance protection, and other plan features here.
No matter if you’re looking for low interest rates, high loan amounts or flexible features, there's a Key Equity Release plan for you. We understand that everyone’s personal circumstances and needs are different, which is why your dedicated equity release adviser will personalise your plan to make sure it’s right for you.
Any form of equity release is regulated by the Financial Conduct Authority (FCA). Their primary role is to protect customers and enhance the financial market’s integrity. Key are authorised and regulated by the FCA, and we pride ourselves on ensuring all of our processes and recommendations are clear, fair and not misleading to our customers.
Before you can move forward with equity release, you need to receive qualified equity release advice – it’s a regulatory requirement. Equity release is a big decision and the team at Key understand that you’ll need to consider it carefully, so you will receive transparent advice before you apply.
All of our equity release advice relates to our range of Key branded products and is completely free of charge. So, you can find out if it's right for you without it costing you a penny.