Are you eligible? You may be eligible for equity release if:
You're aged 55 or over You're a homeowner with a property worth at least £70,000
What is equity release?
If you’re a homeowner aged 55 or over, equity release allows you to access some of the cash locked in the value of your home.
Your property’s value, minus any outstanding mortgage or loans secured against it, is the equity. This equity is often passed on as an inheritance; however, an increasing number of people are tapping into some of this wealth to help boost their retirement finances. After years of working hard to make monthly mortgage repayments, your home is likely to be your biggest asset, particularly if you’ve benefitted from an increase in house prices over the last few decades.
An alternative way to release the equity in your home would be to sell it and downsize. However, leaving the family home isn't something everyone wants to do. And with people living longer and pensions typically not being what they once were, for many, savings have to stretch a lot further to last throughout retirement. That's why tens of thousands of people are already enjoying the benefits of unlocking some of the cash from their home through equity release. But at Key we know it’s not suitable for everyone, which is why it’s important to get expert advice before you make a decision.
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