Key Equity Release was founded in 1998 by a small team of six people. Since then, the company has grown to over 500 employees and has helped over 1mn people decide whether equity release is the right product. If you’re considering an equity release plan through Key, we’ve provided a helpful overview below of the company’s services and features.
All of the company’s plans are lifetime mortgages, which allow you to borrow an amount of money against the value of your property. There’s a range of options provided, including:
You receive the funds in a lump sum, and the loan and interest are only paid off when your house is sold. This usually happens when you pass away or go into full-time care.
Through this feature, you can pay off the loan in full after five years, penalty-free, if for whatever reason you need to move property and the new house doesn’t meet the company’s requirements.
You can implement a guarantee that an amount from the property sale is left as an inheritance for your loved ones.
If you’re concerned about the amount of money to be paid when you pass away, you can choose to pay the interest plus part of the loan each month.
Through this option, you can gain more access to funds if you’re in poor health. A medically enhanced plan usually pays more the worse your condition is.
To qualify, your property must meet the company’s criteria. You must be at least 55 years old. Your property needs to have a value of at least £70,000. You must also be prepared to borrow a minimum of £10,000.
One of the best benefits offered by Key is the variety of repayment options and solutions provided by the company. It ensures that there is likely something to suit your needs. The firm is also committed to offering a transparent and personal service.
Here’s an overview of other benefits that could help you make a decision:
The cost of your equity release plan will depend on your age, property value, and interest rates offered by the company. Usually, the more you want to release, the higher the rates, so ensure that you are only releasing the amount you need to keep costs down. For an exact figure, get in contact with the company’s friendly advisors.
Here’s an example quote to give you an idea:
Note that the amount available to you will likely be different. Most companies will also decline your application if you still have a considerable amount left to pay on your standard mortgage, so check with Key to discuss your options.
|Minimum equity release||£10,000|
|Minimum applicant age||55 (including joint applications)|
|Plan Options||Lifetime Mortgage|
|Repayment Options||End of plan, interest-only, capital and interest|
|Second Property Equity||Not offered|
A great way to compare equity release plans is to check the ratings awarded by third party, independent companies that measure the quality of products and services.
Key Equity Release hasn’t been rated by companies such as Defaqto or Fairer Finance, but it has received over 16,000 positive reviews on Trustpilot with an average rating of 4.8 stars.
Yes, there are situations where your equity release application will be denied. It’s essential to have an understanding of what is allowed to save yourself time and effort. In addition to the basic requirements we mentioned before, such as age, minimum equity, and property value, most lenders will have specific criteria regarding your property. You could be declined if:
If you’re concerned that your property might not be eligible, get in contact with the company for free advice on what options are available to you.
Key Equity Release is a fantastic company if you want a tailored plan to suit your needs. The company offers an array of options and features that can help make your plan more favourable and economically viable. Its products and services are also solely in the retirement segment, which means the company’s entire focus and resources are put into later life customers.
It also features an array of free guides and support content to help guide you through which plan is best for you. That attention to care highlights the company’s commitment to empowering customers and being completely transparent regarding equity release plans.
One of the downsides is that the company doesn’t offer home reversion plans, so if that’s the type of plan you need, then Key Equity Release isn’t for you. If you’re looking for lifetime mortgages, then Key Equity Release is a reputable company with plenty to offer.