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How does equity release work?

If you're thinking about releasing equity from your home then our experts can guide you through the process at your pace. You will never be under any obligation to proceed and we will only recommend it if it's right for you.

To qualify for equity release

You must...

  • Be aged 55 or over – both applicants if couple
  • Own and live in the property you wish to release equity from
  • Be able to release enough equity from your property to enable you to fully pay off any outstanding mortgage or secured loan

Your property must be

  • Valued at least £70,000
  • In the UK (including Northern Ireland)
  • Either freehold or leasehold, with a minimum lease period of 75 years remaining
  • Of standard construction and in good condition

Ask the expert

Key's Technical Director, Dean Mirfin, explains the process of equity release.

Customer stories

Susan Meaker shares her journey of taking out an equity release plan.

Six steps to equity release

Releasing cash from your home is a big decision to make. You should research all your alternatives and decide what finances you need in retirement. If you do decide you want to explore equity release further you should follow these six steps to be sure that it's right for you.

Step 1: Advice

Find an equity release adviser who is experienced in equity release and will help you to consider alternative means of raising funds. They should assess your personal situation and search the whole market to find the best plan for you. At Key all our advisers are equity release specialists who have undertaken extensive equity release training

Step 2: Talk to your family

Discuss equity release with your family and intended beneficiaries to your Will. They might be able to help you raise the money you need

Step 3: Personalised illustration

Based on your individual circumstances, your adviser will prepare a recommendation for you. They will also provide you with a personalised illustration which will detail how equity release could work for you

Step 4: Independent legal advice

Find a solicitor who specialises in equity release. They will not only sort out all the legal details but will make sure you fully understand how the plan works and all the implications before you go ahead

Step 5: Application, valuation & offer

Once you and your adviser have decided on the right plan, your home will be valued and you will be sent an offer confirming the details of your equity release plan

Step 6: Completion

If you are satisfied with all these details you can agree to take out an equity release plan. Once your application has been received by your equity release provider, you will receive your money approximately eight to 12 weeks later

lf you are considering equity release we recommend that you read is it right for you? carefully.

Key promise

Customer satisfaction is at the heart of everything we do; we pride ourselves on being independent, transparent, supportive and straightforward. We're passionate about helping you to make the most of your finances when you’re in or approaching retirement.

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