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Clear existing debt

Finances in retirement can be a juggling act, so finding the funds to manage monthly payments can give you peace of mind.

Debt in retirement


According to a recent survey, only 28% of people currently planning to retire feel they have saved enough for a comfortable retirement. To add to this, 48% still owe money on credit cards, while 31% still have an outstanding mortgage, meaning they have regular monthly payments to meet on top of their household bills.*

Debt in retirement can bring about real worries. While incomes traditionally fall at this time of life, finding the funds to manage monthly payments, as well as doing all the things you want to in later life can be a struggle.


* Research conducted by Research Plus between 18 and 31 December 2019 among a sample of 1,000 people expecting to retire during 2020 
 

Financial peace of mind in later life


Nothing eats into retirement savings like monthly repayments on a high interest credit card and debt can often sabotage what should be an enjoyable time in life – not only financially, but emotionally too. 


Meeting only the minimum payments on your existing debt can feel like you’re stuck in an endless cycle. Thankfully, there are options to help you break free from the burden of debt in retirement.

Government-backed The Money Advice Service and charity, Stepchange are two of many organisations that offer free advice to help you tackle debt. They will talk through your situation and discuss your options with you.

"Equity release helped us pay off our existing debt"


Key customers, the Fitzgeralds had been making payments on their existing debt. However, as the couple approached retirement age with an interest-only mortgage about to mature, they started to have real concerns.
 
“The problem is, we tried to pay the minimum on the £25,000 of credit card debt we had, but it didn’t seem to go down in a drastic manner. It sounds like a lot of money, but it mounts up very quickly, even without trying. We used credit cards for general living expenses, things we needed but didn’t have the capital for, for example when the car broke down, we had to pay for repairs.

“As the years went by, it was getting nearer and nearer to the end of our mortgage term. It was a stressful time, not only was I worrying about how we were going to pay off our £75,000 interest only mortgage but also a significant amount of credit card debt.

 “We put our house on the market last year but we just couldn’t find anything we liked. We liked our house and the local area. This is why we looked into equity release. It gave us the answer. It allowed us to stay in our home and pay off the mortgage along with our credit card debts.

 “I think one of the best things to do is to speak with your credit card company and ask to pay off what you can afford, but let them understand that you’re finding it difficult.

“For us, equity release was the answer. We even had money to re-decorate the front room which needed doing and we are able to enjoy nice meals out.

“For others in a similar position to ourselves, I would definitely advise speaking with an equity release adviser if they have equity in their property, which most people my age will.

Is equity release right for you?


Equity release could be a way for homeowners aged over 55 to release some of the tax-free cash from their property to spend on a variety of uses. However, it’s not right for everyone.  

At Key Equity Release, our specialist equity release advisers will discuss your needs and ensure you consider all your options, and their expert advice is available over the phone, via video appointment or face-to-face, whichever is right for you. All of Key’s equity release advice relates to their 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.
 
And, if equity release isn’t right for you – we’ll tell you.

How do I get started?

Get your free guide

Download your free guide to see how equity release works

I want to calculate

Take the next step and find out how much you could release with our free equity release calculator.

I want to get advice

Or, if you would like to discuss your options with one of our friendly expert equity release advisers, request a free call back here.

Things to consider

Your specialist equity release adviser will explain:

  • It's a Financial Conduct Authority requirement you receive specialist advice from a qualified equity release adviser 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
  • You should always think carefully before securing a loan against your home
Page last updated: Tuesday 11 August 2020