Frequently asked questions

FAQs about equity release

Click on the questions in grey to find out more about equity release and the related services Key can offer you.

Yes! We recommend plans which have this guarantee. This applies to both lifetime mortgages and reversion plans.

Yes, but it will be a condition of the plan provider that the equity release is first used to repay the outstanding mortgage.

You should expect to be able to move house in the future if you wish, subject to you either repaying the amount secured within your plan plus any early repayment charges, or transferring the plan to your new property. Each provider has specific criteria that apply concerning moving home, so you should check this when you take out a plan. As with normal mortgages you should expect to pay the costs of buying and selling your home.

The amount of money you are able to release from your property will depend upon a number of factors such as your age, property value, health and lifestyle. For an instant online quote, try our free equity release calculator.

When you take out an equity release plan through Key, we charge a typical advice fee of only 1.65% of the total amount you release. Plus you are likely to incur costs for surveyor’s fees and solicitor’s fees, although some providers may make a full or partial contribution.

Unless you choose to take out an interest payment plan, there will be nothing to pay towards your equity release until you pass away or move into long-term care. The total amount owing to the provider will then be paid from the sale of your property.

Yes, this is possible. Make sure your adviser is aware that this is one of your wishes and they will select plans with this guarantee.

No as we recommend plans which come with a no negative equity guarantee.

It is important to involve your family in any financial decision which will reduce the value of the inheritance left to them, but we find that most families are incredibly supportive of their loved ones’ decision to take out an equity release plan to boost their retirement income.

We actively encourage each of our customers to invite as many family members or friends that they wish to their free equity release consultation, enabling everyone to get a full picture of equity release before any decisions are made.

If your equity release plan was taken out jointly with your partner, they would be able to continue living in the property without impacting your means test for long-term care fees.

If your equity release plan is solely in your name, your home would be sold and the equity release provider would receive the money owing to them from the proceeds.

If you have a joint plan and your partner survives you, then your equity release will not be affected and they will be able to remain in your home for as long as they choose.

If your equity release plan is in your name only, your house will be sold and the equity release provider will take its money from the sale proceeds. The remainder will go to your estate.

Equity release advice is fully regulated by the Financial Conduct Authority (FCA),ensuring all advisers follow strict rules and guidelines with the FCA keeping a record of all approved firms.

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