What is compound interest? With all the plans we recommend, compound interest applies. This means interest is charged not only on the original loan amount but also on the interest that has been added. Your adviser will make sure you understand how this works and what it means for you. What do people usually use the money for? Our customers use their tax-free cash for all sorts of things. Some of the most popular uses include home improvements, repaying existing debts, and clearing an existing mortgage. Can I take out equity release if I still have a mortgage? Yes, you can. You’ll need to repay the existing mortgage which you can do with the money that you release, and any leftover funds are yours to enjoy. What happens when I pass away? Typically your home will be sold once
the last borrower dies or enters long-term care. The sale proceeds will be used to repay the loan, and any remaining money will go to your estate. How is my home’s value assessed? Your property will be valued by an independent, RICS-registered surveyor for mortgage purposes, ensuring an unbiased and professional opinion of its worth. How much does your advice cost? You can find out if a lifetime mortgage is right for you at no cost by speaking to one of our expert advisers. We only charge our fixed advice fee of £1,699 if you choose to go ahead. 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 never be charged more than our standard fixed advice fee, even if their fee is higher.
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