Helping family and friends

A living inheritance

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, providing an inheritance while you are around to see them enjoy it.
 
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.”

Is equity release right for you?

Equity release is a way for homeowners 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 your 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.

Things to consider

• All our equity release mortgage advice relates to Key lifetime mortgages only - a loan secured against your home
• Equity release will reduce your estate’s value and may affect your entitlement to means-tested benefits
• A lifetime mortgage may result in limited or no property equity remaining and will reduce your financial options in the future
• 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
• £899 advice fee only payable on completion