Could equity release
If you’re 55 and over and own your own home, it could hold the key to securing a more comfortable future.
On average customers access £86,000 from their property to spend on the things they’ve always wanted-from holidays and home improvements to treating family or simply giving their retirement finances a boost*.
Equity release may involve a lifetime mortgage which is a loan secured against your home. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.
*Source: According to Key Retirement analysis, the average amount available
to release from homes across the UK was £85,247 as at Jan-June 2017.
Unlock cash that’s tied up in your home
Working in partnership with one of the UK’s leading independent equity release specialists, we can help you find out whether or not equity release is the right solution for you. The expert advisers will search the whole of the market to find the most suitable plan for your individual requirements.
Facts not fiction – your questions answered
Is equity release safe?
Equity release advice and lending is fully regulated by the Financial Conduct Authority. Safeguards by the Equity Release Council include the ‘no negative equity guarantee’ which ensures you will never owe more than your house is worth, so your family will not be left with any equity release related debt
Will I still own my home?
Yes. with a lifetime mortgage, the most popular form of equity release. you can rest assured that you will remain the owner of your property and can continue living there as long as you choose.
Can I still leave an inheritance for my family?
Some equity release plans have an ‘inheritance protection feature’ which allows you to protect a percentage of the future value of your home to leave as an inheritance for your loved ones. as long as you do not take the full release amount available.
Can I move home?
Yes. subject to lender criteria it is possible to move home and take your equity plan with you. If you have had the loan for 5 years and wish to downsize in the future. some plans offer ‘downsizing protection features’ which will mean that there won’t be any early repayment charges if your new property doesn’t meet the lending criteria.
The cash released from your home can be spent however you like. Here are some examples of how equity release has been helping others.
Is your house or garden in need of a refresh, do you need a new kitchen or bathroom or a new conservatory?
Would you like to update your doors or windows, or just be able to redecorate and do some general maintenance?
pay off the mortgage
Many are reaching their retirement years and still have monthly mortgage bills to pay.
Thousands also have interest-only mortgages due to mature in the next five years with a shortfall of thousands between the amount left to pay and the funds they have available.
We are seeing a shift in how people view inheritance, with many wanting to help children or grandchildren financially now rather than after they’ve gone.
Sometimes help is needed to take the first steps on the property ladder, for university fees, help with debts or small businesses or just to give money for them to enjoy!
Many of us have holidays we’ve always dreamed of going on and places we’ve always wanted to visit; during retirement is the perfect time to make sure those dreams come true. Whether it be a trip to the other side of the world, a luxury cruise or ticking off the Seven Wonders of the World, those wishes could come true!
One thing we don’t want to do when we retire is have money worries hanging over our heads.
The financial security of knowing that you don’t need to worry whether you’ve enough money to pay the bills can make an enormous difference to being able to enjoy your retirement.
It’s possible that the home you live in today, isn’t the one in which you want to spend your later years, you might want to move to a different part of the country, a smaller property or a purpose built retirement village. If the new property value is higher, the home you’re in now could help you bridge that gap.
All information correct at time of being published, March 2017. This information does not constitute financial advice under the Financial Services
and Markets Act 2000. If you require such advice, you should seek appropriate professional advice. Key Retirement is a trading name of
Key Retirement Solutions Ltd. Registered in England No. 2457440. CKP150.2 (03/17) © Key Retirement Solutions Ltd 2017
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Stratford upon Avon,