When Dean Parkes found the perfect plot of land to build his dream house on, the bank of mum and dad came to the rescue with a £30,000 deposit funded with equity release.
Before coming to Key, Norfolk couple Fred and Jean Parkes had considered equity release but were unimpressed with the adviser. Then the same night Dean told them about the land, his parents saw Key’s TV ad . “It was such a coincidence,” said Fred. He decided it was time to explore equity release again and, having done his research, came to the conclusion that Key would be the best advisers to help his family.
“A friendly adviser visited us in our home, something I was pleased about,” Fred told us. “He answered all our questions and more, and at no point was he pushy…Although Dean effectively benefited from an early inheritance, we took out a plan with inheritance protection so there will still be money left in the house for him and our daughter Sharon when we go.”
And the best thing about what you can do with an equity release plan?
“The freedom,” said Fred. “Our house remains our own. We can still live in it until either we both pass away or go into long term care. And we’ve been able to help Dean when he needed it the most.”
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Things to consider
Our independent, specialist advisers search the whole market to find the right equity release plan for you. They’ll explain all the options available and that taking a plan reduces the value of your estate and may affect any means-tested benefits you’re eligible for.
You have to get specialist advice before releasing equity; it’s the only way to do it. The initial consultation is free with no obligation to proceed. If you decide to go ahead with an equity release plan our advice fee, usually 1.99% of the amount released, subject to a minimum of £1,499, is payable only on completion.
With a lifetime mortgage, the most popular form of equity release, you’ll still own your home. As with any kind of mortgage, it’s a loan secured against your home. All equity release plans we recommend have a no negative equity guarantee, which means you’ll never owe more than the value of your home.
You should always think carefully before securing a loan against your home.
If you are considering equity release we recommend that you read through Is equity release right for me?