We unlocked £74,000 * from our house...

...to continue to enjoy the home and garden we love so much

EVERY morning, John and Fay Barr open their kitchen door and watch their two dogs race from one end of their long back garden to the other.

‘The dogs are full of energy first thing, and rush out to explore every inch of their territory,’ says Fay.

‘The rest of the day they’re always nearby as we work on the lawn, the plants and the flower beds that they insist on trampling through. Sometimes it’s hard to know who loves our garden the most, us or the dogs.’

And the best thing of all? The Barrs say that the money they raised through an equity release plan last year means they can afford to stay in their home, and enjoy their dream garden, for life.

‘Two years ago things were different,’ says recently retired café owner Fay, 59. ‘Our pensions paid us less than we’d expected, and we thought we’d have to

downsize to a cheaper property with a smaller garden, to make ends meet.’

The Cornish-based couple also worried that if they downsized, they would have to pay lots of money in estate agents’ fees and other associated costs. Fortunately they found an alternative solution: an equity release plan recommended by a Key specialist equity release adviser. Equity release allows homeowners aged over 55 to unlock some of the value in their homes, and the money released is paid out tax free. The Barrs were able to release a tax-free lump sum of £74,000 from their home.

You can spend the money on anything you choose; the Barrs focused on home improvements when their equity release plan went through. They updated their kitchen, had a new drive laid, paid for repairs to their garage roof – and enjoyed a few luxuries such as holidays to dog-friendly hotels around the country.

The most popular type of equity release is a lifetime mortgage, which is a loan secured against your home. With this, you continue to own your home, so can stay there as long as you like. Unlike a regular mortgage, there are typically no monthly interest payments to make. Instead, the loan plus rolled-up interest is simply repaid when the plan comes to an end, normally when you or a surviving spouse passes away or goes into long-term erm care.

‘It’s no exaggeration to say equity release has changed our lives,’ says Fay. ‘Releasing the money we needed, while getting to stay in the house we love, is the perfect combination.’

If you think a tax-free lump sum from equity release could help you, then this four-page special supplement explains it in more detail. .

Key has also produced a FREE expert guide. Ring its freephone number 0800 408 7169, or complete the form below to get your copy.

Over the past 20 years, experts at Key have helped more than a million people see if equity release is right for them. Call now to see if it could work for you.