Did you know that some financial institutions focus solely on equity release? Join the 67% of retirees that released equity over the past 20 years who’ve said equity release majorly contributed to their qualify of life.
But, the big question is, which equity release lender would be right for you, and do you want to consider a larger bank or an equity release specialist?
Perhaps Key Equity Release could be the answer you’ve been looking for?
You’re here to discover:
- What is Key equity release?
- Plans provided by Key.
- The pros and cons of equity release with Key.
To find the top providers, we reviewed over 220 plans. Amongst them, plans provided by Key.
Here’s what we found!
What is Equity Release & How Does it Work?
Equity release is a leading UK retirement financial product that allows older homeowners to use the equity that’s tied into their primary residence. The equity needs to come from a property with little or no mortgage left. The cash released will generally accrue fixed compound interest that not only needs to be repaid from the sale of the residence when the last homeowner dies or enters long-term care.
More details: What’s Equity Release & How Does it Work?
What Types of Equity Release are Offered by Key?
With the 2 most popular types of equity release being a lifetime mortgage and a home reversion scheme, Key only offers lifetime mortgages to their clients. A lifetime mortgage continues to be the most popular form of equity release in Jan 2022. It allows the homeowners to receive their cash in a lump sum, an initial lump sum with a drawdown, or by receiving a monthly income as a salary substitute.
Try Our FREE Key Equity Release Calculator
Wondering how much money you could stand to receive by unlocking equity with Key? Try our FREE Key equity release calculator to get an accurate estimate.
An Introduction to Equity Release with Key
Founded in 1998, Key was originally known as Home Income Gold before rebranding to Key Retirement Solutions in 2001, focusing entirely on equity release products. Since then, they have expanded their services but still entirely offer retirement products.
In 2018, Key celebrated its 20th anniversary by rebranding to Key, part of the Key Group, and the company is proud of its team of 500 employees.
Since its inception, Key equity release has received over 60 awards, helping over 1-million older homeowners with equity release advice.
Does Key Offer Other Financial Products Besides Equity Release?
The Key Group is a financial services company that provides products and services covering the entire later-life lending market. It handles product manufacturing and distribution, advisory services, training and tools for advisers, as well as lending and funding capabilities.
The Pros & Cons of Key Equity Release
The main pro of releasing equity with Key is that they specialise entirely in later-life lending, with over 20 years of experience in the field. The main con of equity release with Key is that they don’t offer home reversion schemes.
Pros of Key Equity Release
- Interest rates start as low as 2.77%
- Their average customer receives interest rates of 3.53%
- The Key Group is a member of the Equity Release Council.
- You can choose features to personalise your plan.
- Their plans available include enhanced lifetime mortgages.
- They offer free equity release advice.
Cons of Key Equity Release
- While your equity release advice is free with Key, there is a completion fee of £599.
- Their products will reduce the value of your estate.
- You may no longer be eligible for means-tested benefits.
Equity Release Products by Key
- Interest rates are as low as 2.77%.
- You can unlock up to 56% of your property worth.
- They offer in-house advice.
- Plans are available from age 55 with a property value of £70,000 or more.
- They offer customised plans to suit your needs.
How Do I Know if Key Is the Right Equity Release Provider for Me?
If you think that Key could provide you with the best possible lifetime mortgage products, you can contact them directly for free financial advice. Furthermore, a whole market financial adviser will look at plans across the industry, including Key, to find you the best solution for your requirements.
Is Key Not the One?
Browse through our comprehensive list covering the best equity release providers available in Jan 2022. Your dream retirement could be a click away.