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Helping family and friends

Wouldn’t it be nice to have the funds to help with your own retirement needs and wants, and also support your loved ones financially too?

Help your family when they need it most

Traditionally, we leave the nest egg we’ve carefully built up over the years to our nearest and dearest when we die. However, with more people living longer, it’s becoming increasingly common to help your loved ones sooner rather than later.
From helping a loved one get onto the property ladder, contributing to university fees or even getting a grandchild onto the road with their first car, we’d all like to be able to help those we care about.


We unlocked £60,000 from our property to keep the family together

With house prices ever-increasing in Kent, Mark and Julie Plumber worried that their daughter and grandchildren would have to move out of the area to afford a home of their own. Then they heard about equity release.

“We had a vague idea of how it worked, but then we saw a television advert for Key in the same week a friend started talking about the plan he had taken out. That happy coincidence persuaded us to get information ourselves.

Somebody was renovating a house right by us and we knew it would be just right for our daughter and grandchildren. We asked if it would be put up for sale when it was finished, but the asking price was about £50,000 more than our daughter could afford.”

Mark and Julie took out a lifetime mortgage, the most popular form of equity release, and unlocked £60,000 from the £220,000 value of their home. They used £10,000 to pay for DIY projects including a new bathroom. The remainder went on ensuring their daughter could live nearby.

“The whole experience of speaking to Key and taking out the plan was wonderful. They were really friendly and explained it in plain English, not financial jargon. All the information was clear and concise and every step of the way they explained what would happen and how it would happen.”

Our specialist equity release advice relates to Key lifetime mortgages only, which is a loan secured against your home.

Lifetime mortgage benefits

Your specialist equity release adviser will explain:

  • You can unlock cash from your home, tax-free, to help meet your needs in later life
  • You’ll always retain full ownership of your home and can stay in it for as long as you wish with a Key lifetime mortgage
  • You can choose to make reduced or no monthly repayments to suit your circumstances
  • You’ll never owe more than your home’s worth with a Key lifetime mortgage
  • You may be able to remortgage your plan in the future to release further funds or secure a better interest rate, although this isn’t guaranteed and may be subject to early repayment charges


Your equity release adviser will also outline the following important things to think about:

  • A lifetime mortgage is a loan secured against your home and subject to compound interest, meaning the amount you owe can grow quickly
  • Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
  • Equity release may leave you with limited or no property equity remaining
  • Equity release will reduce your financial options in the future
  • A lifetime mortgage is a long-term financial product and is not designed to be fully repaid until the death or entry into long-term care of the last remaining borrower, otherwise early repayment charges may apply

Things to consider

  • All our equity release advice relates to Key lifetime mortgages only - a loan secured against your home
  • The loan, plus compound interest, is typically repaid through the sale of the property when the last remaining applicant passes away or moves into long-term care
  • Our fixed advice fee of £1,299 is only payable on completion

Is equity release right for you?

Equity release is a way for homeowners aged 55 and over with a property worth £70,000+ 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, our specialist equity release advisers will discuss your needs and ensure you consider all your financial options, and their expert advice is available over the phone, via video appointment or face-to-face, whichever is right for you.
And, if equity release isn’t right for you, we’ll tell you.

Here to help when you're ready

Use our free calculator

Find out how much tax-free cash you could release from your home now with our equity release calculator

Speak to an adviser

Book an appointment with a specialist equity release adviser at a time that's good for you

Assess your options

Our later life mortgage finder helps you consider your options

Page last updated: Monday 18 March 2024