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At Key Advice Solutions, our purpose is to provide you with specialist, personalised equity release advice that supports you throughout your decision-making process.
We don’t hide anything and we don’t recommend equity release to you unless we’re certain it’s the right decision for your circumstances.
All the plans we advise on are Sunrise lifetime mortgages - a loan secured against your home. They’re all 5 Star rated by Defaqto, meaning they come with a comprehensive level of features and benefits. We’re confident we’ll be able to find a plan that suits your needs to help you live the later life you want.
Of course, we also understand equity release isn’t for everyone. It’s why, as part of your equity release journey, we’ll ensure you consider your other later life finance options to ensure you find the right solution for you, such as downsizing or other forms of borrowing.
We know equity release is a big decision. It’s why you need specialist equity release advice that’s personalised to you. If it’s the right thing to do, our fixed advice fee of £599 is only payable on completion of a plan.
If you’re a homeowner aged 55 or over, equity release could be a way for you to unlock tax-free cash from your property to help live the later life you want.
One type of equity release is a lifetime mortgage, there are typically no monthly repayments for you to make, as the loan, plus roll-up interest, is repaid when the plan comes to an end, usually through the sale of your home when you or the last remaining applicant pass away or move into long-term care.
All the money you release from your property with a lifetime mortgage is tax-free and can be spent in a variety of ways. That includes making home improvements, gifting to loved ones to help with big life moments - such as purchasing their first home or simply having more funds available to help achieve your later life aspirations.
The other type of equity release, which we don't advise on, is a home reversion. This is where you sell all or part of your home to a reversion company for less than market value in exchange for a cash lump sum, with no interest to pay on the money released, and no monthly payments to make. When the plan comes to an end, the home reversion provider takes its percentage share of the sale proceeds. You need to be 65 or over to qualify.
If you're considering a lifetime mortgage, it's important you understand the product in detail.
Benefits
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 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 Sunrise 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
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
Before going ahead, your equity release adviser will discuss your alternative options:
Retirement interest-only mortgage
Later life residential mortgage
Interest-payment lifetime mortgage
Downsizing
Unsecured lending
Using existing assets
Support from friends or family
Knowing the costs associated with equity release and how to help manage them is important. Here are some helpful guides to give you a better understanding:
Key Advice Solutions is part of Key Group.
Key Group has more than 25 years’ experience in helping over-55s with specialist, personalised equity release advice, and we’ve helped more than 1 million people decide if equity release is right for them.
For you, that means you’re dealing with industry experts who take the time to understand your needs before confidently recommending the most suitable option for you and your circumstances.
If you have any further questions about how equity release works or any concerns about what it could mean for you, speak with a specialist Key Advice Solutions equity release adviser or give a member of our team a call today.
Before deciding whether equity release is the right option for you, there are several things you should consider.
All equity release advice relates to SunLife 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
If you have any further questions about how equity release works or any concerns about what it could mean for you, speak with a specialist Key Advice Solutions equity release adviser or give a member of our team a call today.
0800 294 2607