Equity release plan

What is an equity release plan?

An equity release plan allows you to release tax-free cash from your home to spend as and how you wish, with typically no monthly repayments to make.

What equity release plans are available to me?

There are currently five types of equity release plans on the UK market. They are called lifetime mortgages, drawdown lifetime mortgages, interest-payment lifetime mortgages, home reversion plans and enhanced lifetime mortgages. Read more about the different equity release plans.

All five equity release plans come with their own benefits and drawbacks so it is recommended that you speak to an independent equity release adviser who can help you find out which type of equity release plan works best for you.

How can an equity release plan help me?

At Key we have helped over 865,000 people find out whether equity release was right for them and have helped our customers safely release £1.88 billion from their homes.

Figures from our Key 2011 Review show that the most popular reasons people choose to take out an equity release plan include making home and garden improvements (57%), pay off debts (32%), go on holiday (30%), help family and friends (23%), pay off an outstanding mortgage (16%) or simply to help with regular bills (16%).

How do I apply for an equity release plan?

If you are interested in taking out an equity release plan, which matches your individual needs and requirements, then start off by speaking to Key today. We offer independent equity release advice on all equity release plans. SHIP (Safe Home Income Plans) plans guarantee that you will never fall into negative equity, can stay in your home for life and can move home if you wish (subject to provider criteria).

You can also request our free equity release guide as a starting point when it comes to finding out more about equity release. From here, it is recommended that you speak to an equity release adviser who can explain everything in more detail, including how it works, what plan is right for you, how the value of your estate will be reduced and how your entitlement to state benefits may be affected. They’ll also tell you about our exclusive equity release offers we have available for all our Key customers. Call today on 0800 531 6027.

If you are considering equity release as your next financial move, you should read through is it right for you? carefully.