Opening Hours

Open until 5:30pm Today

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


0808 252 9170

Clear existing debt

Join over a third of our customers and take back financial control by clearing your existing debts through equity release
Tackling existing debt can weigh heavy on your mind. It could be you’re running behind on your credit card or personal loan repayments, struggling to keep up with overdraft charges, or making sacrifices just to keep your head above water.

Whatever it is, finding yourself fighting to control debts should be something you try to avoid, particularly when you’re in or approaching retirement.

After you say goodbye to the working world, your income is often less, which can leave you with less financial options. Your reward instead being able to enjoy your time and money to the fullest. Or at least, that’s the idea.

We know that life doesn’t always work out that way. But it’s important you don’t allow existing debts to get the better of you. And for good reason.

The importance of clearing existing debts

Research suggests that worrying about money can have a negative effect on your mental health.It’s a vicious circle, too. If you worry more, you often find yourself making rash or bad decisions, which can lead to a more difficult financial situation. As your situation worsens, you worry more, and the cycle continues.

It can sometimes feel like you’re trapped in an unbreakable chain. Even if you don’t, having existing debt burdening your mind isn’t healthy. But there are ways you can break free, restore clarity and live a better retirement.

Which? and government-backed The Money Advice Service are just two organisations which offer free advice on how to tackle debt. They’ll explain their recommended money tips and discuss what options you might have. Equity release could be one of them.

Equity release

Every year, thousands of people across the UK use equity release as part of their retirement planning, particularly those looking to clear existing debt, due to its flexible nature.

It involves releasing some of the tax-free cash tied up in your home through either a lifetime mortgage, the most popular form of equity release, or a home reversion plan. Typically, you don’t have to make monthly repayments, there’s no affordability check, and with a lifetime mortgage, you still own your home.

Here at Key, we’ve helped more than 1 million people decide if equity release is right for them. And from our customers who decide it is, more than a third use their money to pay off existing debts.

David and Barbara from Devon were one of them. They used their tax-free cash to take control of their debts and make home improvements.

“Equity release has given us the freedom to enjoy our retirement,” David told us. “We have cleared our credit cards and other borrowing, and been able to give the house and garden a spruce up.

“The process was smooth and professionally handled. We received our money faster than expected. Equity release has really given us a peace of mind, and we would certainly recommend others to do the same. We are so glad we did it.”

Your next steps

If you want help clearing your existing debts, it’s simple to find out if equity release is right for you.

By using our free equity release calculator, you can see how much cash you could release from your home, the lenders available to you and learn how you could secure financial peace of mind.

Usually, you can release between £10,000 - £100,000 plus, depending on your circumstances. But before you take out equity release, you have to speak to an expert equity release adviser. It’s a regulatory requirement. Lenders won’t accept your application without it.

That’s where we come in. As an independent equity release broker, one of our advisers will find out whether equity release is right for you. And if it’s not, they’ll tell you. If you’re ready to see if equity release could help you clear your existing debts, request a free call back by filling in our short form.

How do I get started?

Get your free guide

Download your free guide to see how equity release work

I want to calculate

Use our free calculator to see how much tax-free cash you could release

I want to get advice

Book your free, no-obligation home visit with Key Equity Release

Things to consider

Your specialist equity release adviser will explain:

  • 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