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Update your car with the latest model

    An updated car can be safer, more economical and packed full with features that make your life easier. It's also a great excuse to get your dream vehicle! Of course, sometimes it's easier to dream about owning a brand new car than it is to afford one. 

    On the road to a retirement that suits you

     

    One option that may be available to you is equity release - an opportunity to release some of the cash that’s locked in your house as a tax-free cash lump sum. The money can be spent as you wish - for instance, on a vehicle that will get you from A to B in comfort and style.

    From built-in Sat Nav technology to Bluetooth, you wouldn’t invest in a new car without seeing what it has to offer. The same applies to equity release, and to discover if your home could provide you with the money you need, try our free online calculator



    Calculate your cash potential


    Customer story - Mr Harkness

     

    “I bought a 1951 Mark VI Bentley Mulliner bodied long wing model. There are only 150 made of that model. It’s a fairly rare car.”

    As an antiques enthusiastic, David Harkness from Stranraer wanted to pursue his passion for restoring vintage items.

    He explained: “I had been considering equity release for a couple of years.

    “Buying the car was certainly a part of my decision. I used to restore Bentleys in the 1970s and 80s and thought I would like to do the same for my retirement.

    “The restoration took about six months and I spent roughly £7,000. The total cost of the car to date is £32,000. The interior was completely restored including all of the woodwork. Brass Tacks Upholstery Services did the leatherwork.

    “My overall experience with Key was excellent. My adviser came on several occasions to chat. He didn’t push anything and he was helpful. I was really impressed and nothing was too much bother.

    “Now, if it’s a nice day I always take the car out for a drive. It always attracts a lot of interest!” 


    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.

    • 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 the different types of equity release plans. You will be able to download a guide straight away, plus we'll post one out for you to browse at your leisure.

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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