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ⓘ What's in this guide?
- How your first equity release appointment works
- What do you need to prepare for the initial appointment?
- What happens at the initial appointment?
- What happens after the appointment?
- Benefits and drawbacks of equity release
- Next steps to release equity from your home
- Why choose Key as your equity release adviser?
If you’re considering equity release as a later life finance option, you may have already done some research. If you're ready to take the next step, it may be time to book an appointment with a specialist equity release adviser.
We will explain to you how equity release works and how you could decide whether it’s the right option for you. Here’s how it works:
ⓘ Equity release is a complex product and may not be right for everybody. Make sure you check the benefits and drawbacks before going ahead with booking your first appointment.
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For your initial appointment, you will need to provide your full income and expenditure. It would also be great if you could have a think before you speak to your adviser about:
- How much money you would like to potentially release from your home and what you would use it for
- If you’re looking to pay off existing debt with the money released, how much you owe and if there are any early repayment charges
- A list of any questions you may have so you don’t forget them on the day
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Your initial appointment is to help you understand how equity release works, ask questions you may have and for your adviser to find out a little more about your circumstances to see if equity release is right for you. There’s no obligation to proceed at all.
First of all, your adviser will take you through a presentation to give you all the information you need, such as:
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Who Key Later Life Finance is and what we do, explaining the stages of the lifetime mortgage process should it be right for you
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What equity release is and how it could help your retirement finances
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Your other later life options which may be more suitable
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What the additional features of lifetime mortgages are and any costs involved in the process should it be right for you
All of our equity release advice is based on your needs and circumstances. Your adviser will ask you some questions, including:
Your equity release adviser is there to answer any questions you may have. If you have a family member attending the appointment, they can also find out what they need to know too and ask any questions they may have.
It might be a good idea to write down anything you want to know before the appointment, so you don’t forget anything.
Once your adviser has this information, they can look at the plans available from our range of Key branded lifetime mortgage products, finding the one that most suits your needs. If equity release isn't right for you, your adviser will explore alternative ways you could release funds from your property.
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It might be a good idea to write down anything you want to know before the appointment, so you don’t forget anything.
Once your adviser has this information, they can look at the plans available from our range of Key branded lifetime mortgage products, finding the one that most suits your needs. If equity release isn't right for you, your adviser will explore alternative ways you could release funds from your property.
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Once your adviser knows more about what you need, they’ll search the product range that we have created using 25 years’ experience and our unique insight in helping over 1 million people decide if equity release is right for them.
You’ll be invited to attend a second appointment where your equity release adviser will provide their advice and recommendation to you.
You will receive a written recommendation report and personalised illustration, explaining the plan, either in the post for telephone and zoom appointments or in person if you had a face to face appointment.
It’s then up to you to decide whether you’d like to go ahead or not. If you do decide you wish to proceed, your adviser will talk through the next steps and help you continue with the process.
Don’t worry if you have any questions in the meantime – your adviser will leave their details so you can contact them at any time.
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It's important you have all the facts available to make the right decision for you.
Equity release benefits
Your specialist equity release adviser will explain:
Equity release drawbacks
Your equity release adviser will also outline the following:
To help you understand the process, we’ve put together these simple steps. They highlight what your journey to equity release could be like:
ⓘ If another product is more suitable, we'll refer you to a different adviser within Key Group who can help. If you go ahead, you'll only be charged the same £1,299 advice fee you'd pay with us, even if their fee is usually higher.
Before you release equity, it's a regulatory requirement to get specialist advice. So why should you choose Key as your equity release company?
We're regulated experts
Key is regulated and a proud member of the Equity Release Council.
Trusted award-winners
We've won 80+ awards. 17,000+ excellent Trustpilot reviews makes us the UK's most trusted equity-release specialist.
Things to consider
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All our equity release advice relates to Key lifetime mortgages only - a loan secured against your home
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You should always think carefully before securing a loan against your home to repay existing debt
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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
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Our fixed advice fee of £1,299 is only payable on completion
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Page last updated: Thursday 17 October 2024