Closed until Monday, Schedule a callback

Michael and Carol

64 & 63, approaching retirement

"All the worries and the stresses have gone now, we can just look forward to having a nice relaxing retirement.”

Able to retire and go on holiday

Michael and Carol worked in operating theatres, in excess of 60-70 hours a week. Understandably, after some time it began to take its toll, particularly on Michael’s health.

The couple were struggling to keep on top of debts, jobs around the house, and saving for retirement. So, without any clear solution, they faced working for many more years.

Michael said: “We found that it was getting more and more difficult but we never seemed to see an end to it.”

Michael and Carol telling their experience of equity release with Key


Equity release enabled Michael to cut down his hours straight away. After paying off their credit cards and mortgage they still had money left over to go on holiday.

“We’re able to retire in 10 weeks’ time which we’re both looking forward to,” said Carol. “I wouldn’t change anything at all, everything went absolutely smoothly.

Lifetime mortgage benefits

Your specialist equity release adviser will explain:

  • You can unlock cash from your home, tax-free, to help meet your needs in later life
  • You’ll always retain full ownership of your home and can stay in it for as long as you wish with a Key lifetime mortgage
  • You can choose to make reduced or no monthly repayments to suit your circumstances
  • You’ll never owe more than your home’s worth with a Key lifetime mortgage
  • You may be able to remortgage your plan in the future to release further funds or secure a better interest rate, although this isn’t guaranteed and may be subject to early repayment charges

Drawbacks

Your equity release adviser will also outline the following important things to think about:

  • A lifetime mortgage is a loan secured against your home and subject to compound interest, meaning the amount you owe can grow quickly
  • Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
  • Equity release may leave you with limited or no property equity remaining
  • Equity release will reduce your financial options in the future
  • A lifetime mortgage is a long-term financial product and is not designed to be fully repaid until the death or entry into long-term care of the last remaining borrower, otherwise early repayment charges may apply

Things to consider

  • All our equity release advice relates to Key lifetime mortgages only - a loan secured against your home
  • The loan, plus compound interest, is typically repaid through the sale of the property when the last remaining applicant passes away or moves into long-term care
  • Our fixed advice fee of £1,299 is only payable on completion

Use our free calculator

Find out how much tax-free cash you could release from your home now with our equity release calculator

Use our calculator

Speak to an adviser

Book an appointment with a specialist equity release adviser at a time that's good for you

Book an appointment

Assess your options

Our later life mortgage finder helps you consider your options

Take me there
Trustpilot
Trustpilot
Page last updated: Monday 16 December 2024

We use some essential cookies to make our website work properly.

We’d also like to set additional cookies to help us improve our website, tailor marketing and provide a more personal experience.