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.”