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Real-life equity release stories: Patrick and Christine’s step to financial freedom

Your Life
Friday 14 June 2019
Retired Buckinghamshire couple Patrick and Christine wanted a way to pay off their existing interest-only mortgage.
They didn’t want to be left without savings, so looked to equity release as a way to live a better retirement. 
“Our mortgage provider was aware of our situation but unfortunately could not help us. 

“Instead, they suggested a few options to look into to improve our situation. One of which was equity release to pay off the outstanding mortgage so our savings remained untouched."

Where Key came in

“After looking online, Key appeared to be the most respected and reputable equity release company. We did our research and agreed that this would be the best option for our needs.

Couple speaking to an adviser
“We contacted Key and organised for an independent adviser to visit us and discuss our options. He was very helpful. There was no pressure to proceed."

Peace of mind

“When we did decide to go ahead, the process was very smooth and we were relieved to finally pay off our existing mortgage. It had felt like something was hanging over us. Now we can just enjoy our retirement without worrying.
“We were also able to gift some of the money to our children to enjoy a holiday. It was nice to see them enjoy the little boost."

Could equity release be right for you?

Like Patrick and Christine, and more than 1 million others, Key can help you find out whether equity release is right for you1. If you’re a homeowner over 55, and your property is worth more than £70,000, you might be able to release between £10,000 and £100,000 – or more – in tax-free cash from your home. The money is then yours to spend as you wish. That could include, like Patrick and Christine, paying off your existing interest-only mortgage.
Alternatively, it could be settling other debts, booking a once-in-a-lifetime holiday, completing home improvements, covering regular bills or gifting money to family or friends. All have been made possible through equity release2. They could be for you, too. 

Why equity release?

Unlike some financial options for over-55s, equity release comes with flexibility and security. 
With a lifetime mortgage, the most popular form of equity release, you secure a loan against your home, like a traditional mortgage. Typically, however, there are no monthly repayments to make. 
That’s because, with a lifetime mortgage, the loan amount plus roll-up interest is typically paid off by the sale of your home when you, or the last remaining applicant, passes away or moves into long-term care. It also means you retain full ownership of your property. 
And if you’re concerned about the future, don’t be. 

The future

Inheritance protection, which is available with some plans, allows you to ring-fence a percentage of your home’s future value to leave as a guaranteed inheritance. That means you can rest assured those important to you are cared for after you’ve gone. 

Family together
What’s more, we at Key recommend Equity Release Council approved plans. These come with a no negative equity guarantee so, no matter what, you’ll never owe more than your home’s worth. 

Why Key?

Before you take equity release, it’s vital you first seek independent expert advice. A lender will not accept your application without you having done so. It’s a regulatory requirement, too. 
That’s where we come in. We’re an equity release adviser and broker, and we’ve helped more than 1 million people decide if equity release is right for them1You can find out the difference between an equity release broker and a lender here
During your free, no obligation appointment with one of our expert equity release advisers, they’ll find out if they think equity release is right for you. And rest assured; if it’s not, they’ll tell you. We’re always 100% on your side. 
  • Join more than 1 million others
  • It couldn’t be easier to start your equity release journey with Key. Request your free call back with one of our experts to see how we could help transform your life.  
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What should you consider before taking out equity release?
Our independent, specialist equity release advisers compare products from the whole market to find the most suitable equity release plan for you. They’ll discuss the options available and explain that taking an equity release plan reduces the value of your estate and may affect any means-tested benefits you’re eligible for.
You should always think carefully before securing a loan against your home. 
Key’s initial consultation is free with no obligation to proceed. If you decide to go ahead with an equity release plan, our advice fee of £1,299 is payable only on completion.
Page last updated: Monday 15 April 2024