When it comes to later life financial planning, weighing up different options to pay off an existing mortgage or debt, managing regular bills or helping loved ones with a financial gift, many people are considering lifetime mortgages
, the most popular form of equity release.
But is it still possible to do equity release in lockdown?
Simply answered, yes, you can still take out equity release with Key. However some things have changed and whilst it’s always been a requirement to take specialist advice never before has getting the right quality of advice been more important.
Key have made it possible to receive the same expert, personal advice, tailored to your circumstances over the phone, and if equity release isn’t right for you we’ll tell you.
Should you wish to go ahead with equity release, it is also possible for your property to be independently valued without the need for a surveyor to visit your home and a specialist solicitor can facilitate the signing and witnessing of documents while adhering to government guidelines on social distancing.
And is now a good time to release equity?
There are many reasons people consider releasing a tax-free sum of cash from their home. If you want to release equity to repay an existing mortgage or debts, boost your retirement finances or support a family member then it may well be the right thing for you to do.
“We want to ensure customers make the right decisions, balancing all the different factors, especially at a time when immediate financial worries, both for them and their families is likely to be at the forefront of their mind.” Will Hale, Key CEO.
As a first step you can calculate how much cash you could release in seconds with our free online calculator
Things to consider
- With a lifetime mortgage the cash you release from your home is tax free
- Key Equity Release offer lifetime mortgages only, which is a loan secured against your home
- Typically there are no monthly repayments as the loan plus roll-up interest is repaid when the plan comes to an end
- You always remain the owner of your home with a lifetime mortgage
- You should always think carefully before securing a loan against your home
- Key’s plans come with a no-negative equity guarantee meaning you will never owe more than your home is worth
- Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
- You can guarantee an inheritance with some of Key’s plans
- All of Key’s equity release advice relates to their range of Key-branded products and is completely free of charge