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Be financially aware
Lifetime mortgages are secured loans. Compound interest means the amount you owe can grow quickly. Equity release reduces your estate's value and may impact means-tested benefits. It may leave little or no property equity, reducing future financial options.
What's inside?
Our equity release guide gives you everything you need to know when thinking about equity release. We’ll show how Key's award-winning service can help guide you through the equity release process so you’ll know exactly what to expect if you decide to go ahead. Most importantly, you’ll soon see if equity release is actually the right choice for you by:
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Learning more about how equity release works
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Getting all the facts about unlocking tax-free cash from your home
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Understanding the different types of equity release plan
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Seeing how lifetime mortgages work
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Reading how you can tailor your plan based on what's important to you
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Finding out more about the Equity Release Council safeguards
Additionally, you'll understand how equity release will reduce the value of your estate, and may affect any means-tested benefits you’re entitled to.
What are the next steps to release equity from my home?
We're here to help you make an informed decision. All our equity release advice relates to lifetime mortgages, a loan secured against your home, which have features to help reduce your total cost of borrowing.
This could include making repayments, remortgaging to a lower interest rate in the future (subject to availability and any early repayment charges) or considering a drawdown plan.
Key considers all your options, not only equity release, so you and your family have the full picture. If it isn't right for you, we'll tell you.
Your other options with Key
Key offers alternatives to equity release such as a retirement interest-only mortgage or retirement repayment mortgage. If another product is more suitable, including home reversion, we'll refer you to a different specialist adviser within Key Group who can help. If you go ahead, you'll never be charged more than our standard fixed advice fee of £1,699, which is only payable on completion of a plan, even if their fee is higher.
Other options to think about
It's important to know your other options before going ahead with equity release. These include: downsizing, unsecured lending, using existing assets, or support from friends or family.
Page last updated: Tuesday 17 December 2024