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Paying off your existing mortgage

    Having debt can be stressful. If making monthly repayments on your mortgage is an increasing financial burden now that you’re in or approaching retirement, then you might be interested to learn about equity release.

    According to Key Retirement’s Equity Release Market Monitor report, 22% of customers have used equity release to clear an outstanding mortgage*.
     
    Equity release provides homeowners with the means to unlock some of the equity tied up in their home as tax-free cash to use as they like. The cash released must be used to repay any secured debt first.
     
    See how much cash you could release today with a free online calculation.


    Instant cash quote calculator

     

    Customer story - Mrs Boughton


    “I was very concerned! At my age there aren’t that many financial options out there.”

    Mrs Boughton, 73 from Brighton and Hove, had lived in her property for 27 years when she was informed by the bank that her interest only mortgage was due to come to the end of its term. She had a shortfall with no means to pay it off.

    Downsizing to a smaller property was something Mrs Boughton wanted to avoid, she loved her house and if anything she wanted to improve it.

    After her initial contact with Key, Mrs Boughton booked an appointment with her local equity release adviser.

    “My adviser Steve was so helpful. He worked his visits around mine and my son’s schedules and explained everything to us in full, even the advantages and disadvantages of equity release. He found the product that met my needs and encouraged me to think about it."

    Mrs Boughton went ahead with equity release and has now paid off her interest only mortgage.

    “The whole process was simple. There was so much help along the way."
     

    Facts about equity release

    Equity release is a big decision, and you should make sure you understand exactly what it entails. You should also consider alternatives, such as downsizing or using savings. Here are some key facts about equity release:

     
    • The most popular type of equity release is a lifetime mortgage. This is a loan secured against your home.
    • With a lifetime mortgage there are typically no monthly repayments, as the loan plus roll up interest, is repaid when the plan comes to an end. 
    • Equity release 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. 
    • Key Retirement recommend plans approved by the Equity Release Council. This means that they offer guarantees including the right to stay in your home for life and protection against negative equity.


    If you are considering equity release, we recommend reading ‘is it right for you’ carefully.


    Get all the facts

    Request a free guide today to learn about how equity release could help you to achieve your holiday dreams. You will be able to download a guide straight away, plus we'll post one out for you to browse at your leisure.



    *UK Equity Release Market Monitor Half Year 2017

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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