Exploring Key Equity Release could be worthwhile, especially as the average amount unlocked through equity release soared to over £106,000 in 2022.¹

As more consumers turn to Equity Release as a viable financial solution, it is important to weigh up each provider before committing to one. 

Could Key be right for you?

In this review, our expert researchers take a deep dive into the trusted services of Key Later Life Finance and their equity release brokers, breaking down its offerings, the advantages of choosing it, and focussing on the important things you should know. 

Read here to find out if this is the right choice for you when it comes to releasing property equity.

NB: Fundweb is an unrelated and independent 3rd-party provider, and the information provided in this article are the opinions of Fundweb only and may not reflect the views of Key. This article is not to be construed as advice, nor is it a solicitation to enter any financial product provided by Key.

What Are Equity Release Funds?

Equity release funds are a strategy that allows homeowners to access the wealth stored in their property, providing a safety net for their retirement years.

What Is the Customer Satisfaction Rating for Key Equity Release?

Key Equity Release, a prominent player in the equity release sector, consistently garners high customer satisfaction ratings.

Customers often commend the company for its reliable, straightforward service and responsive customer support, valid points that contribute to its overall high rating.

The exact customer satisfaction rating for Key Equity Release fluctuates due to continuous feedback and reviews.

However, as of the latest check, the company holds an impressive score on review platforms such as Trustpilot, reflecting a high level of customer satisfaction.

Who Is Key Later Life Finance?

Originally founded in 1998 Home Income Gold, as it was known then, focussed on providing home income plans.²

This all changed in 2001, when changing its name to Key Retirement Solutions and changing course to also offer equity release services. 

In September 2021 the Key Group announced a partnership with Standard Life to provide equity release products.³

In 2022 the company rebranded to Key Later Life Finance, a regulated financial services company offering award-winning advice and lending products specifically aimed at consumers over 55 years to help boost their retirement income.⁴ 

What Services Are Offered by Key Later Life Finance?

The company’s products focus on providing lending options specifically for customers over 55 years.

These services include:

• Retirement mortgages
• Estate planning services
• Equity release products

Retirement Mortgages 

Key provides advice and later life mortgages, tailored to individual needs and available to those over 55 years. 

This mortgage type includes monthly repayments options of both interest and capital.

Estate Planning Services 

Key's estate planning goes beyond just drafting wills. 

Its services include: 

• Lasting Power of Attorney (LPA): Delegating power to manage your affairs if incapacitated.
• Trusts: Ensures your estate is managed as per your wishes after passing.
• Living Wills: Specifies the care you desire in critical situations.

Equity Release Offerings

Key is one of the best equity release companies and offers various equity release and retirement mortgage products.

These include:

• Lifetime Mortgages: Voluntary repayments option available. 
• Retirement Interest-only Mortgages (RIOs): Requires monthly repayments.
• Retirement Repayment Mortgages: Designed for borrowers aged 55 and above. 

Read More: What is a Retirement Interest Only Mortgage?

Why Choose Key Later Life Finance for Equity Release?

With over 2 decades in the industry, Key has solidified its reputation through personalised, candid advice. 

As a member of the industry’s regulatory body, the Equity Release Council (ERC), its credibility is further enhanced. 

Over the years, their exceptional service has been recognised with over 80 industry accolades.⁵

These awards include: 

• 'Best Later Life Broker’ by the Financial Reporter in 2022
• 'Best Equity Release Adviser’ by the Personal Finance Awards in 2022
• 'Best Equity Release Broker’ by Money Age in 2021

Equity Release Schemes 

Key’s plans, both drawdown or lump sum lifetime mortgages, are designed with personalised features to cater to various needs. 

It also provides the assurance of no negative equity and offers protection against downsizing after a period of 5 years.

Who Are Eligible? 

To qualify, the youngest homeowner mu st be 55+, have single or joint ownership, and the property should be valued at a minimum of £70,000. 

Costs and Fees

Seeking advice from Key comes with a fee typically around £1,850, although this can differ based on specifics.

Other costs include:

• Surveyor’s valuation 
• Solicitor’s fee 
• Lender’s application fee 
• Advice fee (only if opting for a lifetime mortgage). 

Interest Rates: Compound interest rates⁶ can vary between 6.14% to 6.46% and are calculated and tailored towards each individual’s specific circumstances.*

*We endeavour to keep our information as up to date as possible, but please note that these rates may have changed since our last update.

Learn More: Solicitors Specialising in Equity Release

Does Key Have an Equity Release Calculator?

Yes, Key offers an equity release calculator⁷ to help you estimate the potential equity release amount you could qualify for.

Why not try our obligation free calculator now?

Pros and Cons

When considering Key for equity release it is important to weigh up the pros, such as overwhelming positive online customer feedback, and cons like it only provides advice on its own products, before making a final decision.

Pros to explore: 

• Numerous positive customer reviews
• Specialist in later-life finance
• Fully regulated by the FCA and ERC
• Recognised industry expert with multiple awards 
• Tax-free equity release money (consult an advisor for specifics)
• Retain home ownership with a lifetime mortgage 

Cons to explore:

• Only advises on its own products
• Limited operating hours
• Costs associated with a lifetime mortgage
• Reduced inheritance potential for heirs.
• Currently offers only lifetime mortgages; no home reversion plans
• Possible high borrowing costs due to interest compounding. 

Customer Feedback and Complaints

Key boasts a stellar score of 4.8 out over 17,000 reviews on Trustpilot, with numerous positive reviews praising their expert service and quick turnaround times.

For any complaints, customers are advised to follow instructions on Key's website or leave reviews on platforms like TrustPilot or Feefo. 

Is Key Equity Release Regulated? 

Yes, it is regulated by the following regulatory body the Financial Conduct Authority (FCA).

It is also a member of the Equity Release Council (ERC).

Financial Conduct Authority (FCA)

As one of nearly 50,000 businesses in the UK regulated by the Financial Conduct Authority (FCA)⁸ to ensure good conduct by the financial services sector. 

According to the FCA's records, the firm is registered as Key Retirement Solutions Limited.  

It is permitted to provide financial services for mortgages and home finance, consumer credit and other activities. 

Equity Release Council (ERC)

As a member of the Equity Release Council (ERC),⁹ the firm adheres to the industry body’s strict code of conduct to safeguard consumers.

Contact Information For Key

You can get in touch with the company in various ways.

These include:

Phone: 0808 252 9170

Writing: Key Group, Baines House, 4 Midgery Court, Fulwood, Preston PR2 9ZH, UK.

Online contact form

How Did We Review the Info on Key Equity Release?

We reviewed it based on the following:

• Reputation and History: How many years it has been in business, customer reviews, and industry rewards received.
• Financial Strength: Ensuring it is going strong and has adequate funds to meet long-term commitments.
• Product Range: We will favour companies offering a variety of equity release schemes with greater product flexibility.
• Interest Rates and Fees: We have reviewed competitive rates compared to industry averages, and they must be fully transparent about rates and fees without hidden costs.
• Customer Service and Support: When and how it is available, response times, and available online educational resources. As well as online tools, like a calculator.
• Code of Conduct and Compliance – We only considered companies that adhere to recognised industry standards and codes.
• Industry Insights and Peer Reviews – We care about a company’s industry-wide reputation.
• Innovation and Technology – Is there a streamlined, digital application process?
• Client Testimonials – Success stories and the complaints resolution process.

Common Questions

Conclusion

As the UK's ageing population seeks sustainable means to fund their retirement, equity release emerges as a viable financial solution. 

With its transparent policies, tailored options, and deep market understanding, is an option that stands out amidst its peers. 

Consult with a professional financial advisor to find out if it is worth considering Key equity release as part of your financial strategy.