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  • Friday

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Key, Baines House,

4 Midgery Court, Fulwood,

Preston, PR2 9ZH


0808 252 9170

"It was a stressful time - having the money has give us peace of mind"

Your Life
Friday 20 November 2020
As civil servant Paul Hemworth approached retirement, he was unexpectedly made redundant. With an outstanding mortgage and loans to pay off, he needed to find a solution.
But then he and his wife were dealt another blow.
“I thought I had a job for life before I was made redundant,” Paul told us. “My mortgage would have been paid by retirement, as well as the other loans we’d taken out for home improvements.
Then, Susan, my wife was diagnosed with second stage multiple sclerosis which started to affect the way she walked and spoke.”
Having lived in their house for 36 years, spending much of their money to make it a home, the couple didn’t want to leave. However, they knew that essential and expensive alterations would now have to be made to help Susan maintain her quality of living.
The solution came in the form of releasing some of the cash tied up in their home with a lifetime mortgage. A lifetime mortgage, the most popular form of equity release, is a loan secured against your home. Typically, with a lifetime mortgage, there are no monthly repayments to make, as the loan plus roll up interest is repaid when the plan comes to an end.
“Bills had gone up, everything had gone up, but our pensions hadn’t. Our retirement income wasn’t going to touch the surface for all the work we needed to do in the house.
“So we decided to look at equity release. We looked at other companies, but it seemed like they wanted us to do all the work. Key was different. An adviser came to the house and went through it all with us. All our questions were answered and he took care of everything for us. They made it all so much easier.”
With the cash they released, the Hemworths managed to pay off their existing mortgage and loans, as well as make the vital alterations to their home, including installing rails throughout and modifying the bathroom.
“Equity release has really given us peace of mind more than anything. It was such a stressful time but having that money has helped so much.”
Thinking of taking out equity release? Here are some things to consider:
Things to consider
  • You have to get advice before releasing tax-free cash from your home. Please read all our information and make sure it’s right for you.  
  • Key Equity Release offer lifetime mortgages only, which is a loan secured against your home. It will reduce the value of your estate and may affect your entitlement to means-tested benefits
  • You should always think carefully before securing a loan against your home
  • All of our plans meet the Equity Release Council standards and come with several protections, including the no negative equity guarantee, which means you’ll never owe more than your home’s value
  • All our equity release advice relates to our range of Key branded products and is completely free of charge. So you can find out if it's right for you without costing you a penny
Page last updated: Monday 23 November 2020