Frequently Asked Questions
What is Equity Release?
Equity release allows you to release cash that is tied up in your property and boost your finances. You may spend the cash on whatever you wish!
Are there any fees?
The fee is only payable when you receive your cash and is typically 1.65% of the amount released. You also have to pay a valuation fee up front.
How long does the process take?
This obviously depends upon each Equity Release Plan however the process usually takes between 8 and 12 weeks from application to finalisation.
Am I eligible for Equity Release?
You must be over the age of 55 and be a homeowner (so no tenants). The type of equity release plan available to you will depend upon your house value, age & gender.
Will I still own my property?
If you opt for the lifetime mortgage option you will retain ownership of your property. If you opt for the home reversion plan then the ownership will be transferred to the private individual or reversion provider.
Can you terminate the equity release plan early?
Both available equity release plans are supposed to last for your life time. With the “Lifetime Mortgage” plan as the lender receives no repayments until the property is sold there may be a substantial early settlement charge if you decided to terminate early. With the “Home Reversion” plan you can buy back the providers share in the house however you’ll have to pay the full market value which would be higher than the amount you received from the sale.
Are Equity Release schemes regulated?
Yes! Equity release schemes are regulated by the FSA (Financial Services Authority) & SHIP (Safe Home Income Plans). Both regulators have strict standards that Key RS adhere to.
What happens if my Partner dies?
Any Equity Release Plan provided by Key RS gives both partners the right to stay in their home for as long as they wish.
Who are www.releaseofequity.co.uk in relation to Key RS?
www.releaseofequity.co.uk is an independent website of Key RS. We are simply recommending them out of experience.