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Struggling to clear existing debt?

What would it mean to be able to clear your existing debt? If monthly repayments for loans and credit cards seem to be piling on top of you, there are options out there.

Debt problemts
Take control of your money

Paying off your existing debts can help you feel less stressed and more in control. If your monthly finances are currently being squeezed by debt repayments, then paying them off could also make the cost of living more manageable. 

Of course, this can be easier said than done - which is the position that many of our customers find themselves in when they first come to Key. Equity release can provide the necessary funds to remove existing debts by allowing you to unlock cash from your home. In fact, 30% of Key customers found that equity release was the right solution to help them pay off debts.* Is it right for you?

Use our free calculator to find out instantly online how much you could release.



Calculate equity release
 

Customer story – Mr & Mrs Boyes


“Although equity release isn’t right for everyone, it was right for us. It’s such a relief.”

The Boyes were struggling with credit card debt and an outstanding mortgage after lending money to a friend. 

“It turned out to be the wrong time just as the crash came. We ended up in debt we had not anticipated.” 

The couple, from Devon, wanted to be in a position to repay what they owed and have enough money left to enjoy their retirement. 

“We wanted to live life, and our retirement, to the fullest.” 

Their only problem was securing credit from traditional high street lenders after reaching a certain age, which is when they found Key.

 “We made an appointment with our adviser Joy Harrison, and she was second to none from start to finish. She made us comfortable from the first meeting, and it was apparent that she had our interests at heart.

“She was able to find the best plan for us – a flexible lifetime mortgage that we can pay the interest off. The product suits us down to the ground as we can still leave something for our children."

 

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.

  
 

No hassle or pressure, just support

Looking for the best way to sort out your existing debt? Considering equity release? Our no-jargon award winning service can help you to explore your options at your own pace, with absolutely no-obligation to proceed!

Unless you decide to go ahead, our service is completely free of charge, as our typical advice fee of 1.95% of the amount released would only be payable on completion of a plan. 

 
 

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.

*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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