How could I afford a better retirement?

When weighing up the options to fund your retirement, good advice can help you make the right decisions

Equity release has enabled thousands of home-owners aged 55 and over to access some of the cash tied up in their property to help afford a better retirement. But where can you get advice to find out if it’s right for you? We find out:

Do you need advice when it comes to equity release?

If you’re thinking of releasing equity from your home, the first thing to understand is that it’s a requirement of the Financial Conduct Authority (FCA) that you get regulated advice to make sure your interests are protected.

What’s the difference with Key Equity Release?

In 2019, Key created and launched their own range of 70 lifetime mortgage plans using the unique insight they’ve gained from over 20 years’ experience in equity release. Like other advisers, Key earn money directly from the sale of a product but they don’t charge an advice fee on top of this, meaning you save on the cost of advice. Since October 2019, Key customers have saved more than £4.5 million in advice fees.

Key Equity Release offer lifetime mortgages only, which is a loan secured against your home. All of Key’s equity release advice relates to their range of Key-branded lifetime mortgage products and is completely free of charge, so you can find out if it’s right for you without it costing you a penny – not just the initial consultation, but the whole advice process from start to finish.

Key’s advice doesn’t cover every plan on the market – instead their range of plans has been designed to meet most customers’ needs, with annual interest rates as low as 2.28%* fixed for life, and features such as inheritance protection for your loved ones should you wish, so you can be confident they’ll find the plan that’s right for you.

Is free advice good advice?

Even though they don’t charge you an advice fee, they guarantee two in-depth appointments. They’ll take time to thoroughly understand your personal circumstances and needs, making sure you’ve considered other borrowing options, and that you’re balancing your current needs with your long-term plans. They’ll explain how equity Release will reduce the value of your estate and may affect your entitlement to means tested benefits. And if equity release isn’t right for you, they’ll tell you.

* Most Key Equity Release customers have received a fixed annual interest rate of 3.75% or lower. The overall cost for comparison is 3.93% APR. Lowest available rates correct as of 4 September 2020. All other stated rates correct as of September 4, 2020. Interest rate received and plan features subject to eligibility. Ask for a personal illustration.