Unlocking cash from our home kept our family together

Releasing tax-free cash from your home could not only help you in retirement, you could also help your family with the things they need

Like most parents, Kent-based Sarah and Mark Plumber wanted their daughter and grandchildren to live nearby, but rising house prices in the area meant finding something affordable was proving impossible.

Looking into their options, they found a lifetime mortgage – the most popular type of equity release – could give them the chance to help their daughter with a deposit by releasing some of the tax-free cash from their home.

“Somebody was renovating a house right by us and we knew it would be just right for our daughter and grandchildren, but the asking price was about £50,000 more than our daughter could afford,” they explained.

“We had heard of equity release so we had a vague idea of how it worked. Then we saw a television advert for Key in the same week a friend started talking about the plan he had taken out. That happy coincidence persuaded us to get information ourselves.”

Sarah and Mark released £60,000 from the £220,000 value of their home, using about £10,000 for DIY projects including a new bathroom and a few other luxuries.

Typically with a lifetime mortgage, they don’t have to make any monthly repayments as the loan and roll-up interest is repaid when their plan comes to an end. They still own their home and can stay there for life.

“The whole experience of speaking to Key and taking out the plan was wonderful. They were really friendly and explained it in plain English, not financial jargon. All the information was clear and concise and every step of the way they explained what would happen and how.”