Key Group Equity Release Review

Key is the UK’s leading later life lender, which offers a range of products to people entering or nearing retirement.

With the Key Group becoming increasingly more popular, our team at Equity Release Warehouse has gone to the liberty of carrying out our very own Key Group equity release review.

The Key Group is an umbrella company for a few different household brands and names, including Key, Key Partnerships, More4life and the Air Group. Key is not only a financial adviser but also a lending company to those aged over 55 years old.

They try their best to offer a range of different products to their clients, whilst currently focusing their efforts on improving their capabilities, product offering, and support services.

The Key Group were founded in 1998, so have been helping homeowners aged over 55 years old release equity from their homes for years. They were previously known as Home Income Gold and then Key Retirement Solutions and then finally Key.

The Key Group now employs an estimated 546 people across the UK, made up of a range of specialists, financial advisers and equity release advisers who now predominantly work from home and offer over-the-phone and over zoom advice and support [1].

The Key Group is dedicated to helping those aged over 55 year old live a more comfortable and financially free retirement. With their equity release schemes, they aim to help people release equity from their home without having to repay anything whilst they are still alive.

In addition to this, the Key Group is based in Preston, Gloucester, and Knowle, so are local to you if you live in any one of these three locations.

The Key Group pride itself on being the adviser, partner, lender and coach to those aged over 55 years old who are considering releasing equity from their home.

Please call our 24-Hour Helpline: 0330 058 1579

Key Group Equity Release – Key’s Equity Release Offering

There are literally hundreds of different products available to people aged over 55 years old who are considering releasing equity from their home. One of these advisers and lenders are The Key Group.

During our Key Group equity release review, we found that The Key Group offers a range of different products to homeowners aged 55 or over, with the most popular of their plans being the lifetime equity release mortgage.

This type of mortgage allows homeowners aged over 55 years old, who own their own home in the UK worth more than £70,000 to release equity from their home. This means that they get access to the cash that is currently tied up in their home in return for taking out a loan with interest attached to it.

The Key Group equity release lifetime mortgage allows you to gain access to this money without having to make any mandatory monthly repayments.

Instead, individuals are able to choose whether they want to repay some of the interest on their loan, to avoid it growing into compound interest if leftover time.

Please call our 24-Hour Helpline: 0330 058 1579

Key Group Equity Release Review – Key Lifetime Mortgages

As discussed, The Key Group has a range of different equity release products in the UK. However, their lifetime equity release mortgage is by far the most popular type of equity release taken out with Key and other providers and lenders across the UK.

In fact, there are also different types of lifetime mortgages offered by Key. During the Key Group equity release review, we did find some of this confusing.

This is why it is important to speak to an Equity Release Warehouse adviser so that they can break down the nitty, gritty details and differences when it comes to these types of schemes and products.

At The Key Group, individuals who opt for a lifetime equity release mortgage are able to release up to 56% of the value of their property [1].

However, during the Key Group equity release review we discovered that all of these lifetime mortgages follow the strict standards set by the Equity Release Council, as the Key Group is a member of the ERC.

This means that all equity release lifetime mortgages offered by the Key Group include downsizing protection, which means that you are able to repay the equity release loan without any fines even if you decide to move home and downsize.

In addition to this, all lifetime mortgages offered by the Key Group benefit from partial capital repayment, meaning that you are able to make early repayments to the loan as and when you want to.

Finally, by being a member of the Equity Release Council, this means that all products offered by the Key Group will benefit from a no negative equity guarantee.

This guarantee ensures that even if your house is sold for less than the loan amount after you pass away, those receiving any inheritance will not be left responsible for repaying anything or covering the difference – the Key Group will be responsible.

If you are considering releasing equity from your home but are unsure of how equity release works and want more guidance, then speak to our team at Equity Release Warehouse.

Our team of friendly and highly qualified staff will be able to point you in the right direction when it comes to different equity release products and lenders.

Please call our 24-Hour Helpline: 0330 058 1579

Key Group Equity Release Review – The Complaints

If you are dissatisfied with the service you receive at the Key Group, then there are a number of things that you can do.

The first and easiest thing you can do is make a formal complaint to the Key Group by contacting them through their website.

The Key Group [2] state that they accept that things go wrong from time to time and that you might always be happy with the level of service that they provide.

They also cite that when things go wrong, it is important to make clear who you need to complain to, to know exactly how your complaint will be dealt with and to feel confident and assured when you get a quick and helpful response.

Through our Key Group equity release review, we discovered that the Key Group allows you to make a formal complaint through their website.

It is incredibly important to be clear and concise with your complaint at this stage, whilst providing them with as much information as possible, along with any evidence that might be helpful to your case and to back up what you are saying.

Once this is done, they will then write a formal letter back to you to acknowledge that they have received your complaint and that they are taking it seriously. At this stage, this will also make sure that you know and understand exactly who is dealing with your complaint and who you should expect to hear from next.

From there, the Key Group complaints team will then make it their aim to carry out an investigation into your complaint and work out what went wrong.

They will look in detail at any evidence that you submitted and gave to them, which is why it is important to provide them with as much information and evidence as possible.

A member of staff within the Key Group complaints team will be assigned your complaint case. This staff member will be someone who has never dealt with you or your equity release loan application before, so that they are completely impartial.

There is a chance that the Key Group will need more information from you in order to make a full and accurate assessment. If this is the case then the dedicated members of staff will be in contact with you.

If a period of time has passed and you haven’t heard back from the Key Group, then we advise that you get in contact with them to chase up your complaint. You can do this by calling the Key Group on 0800 2943 144 (please note that this number is only open Monday – Friday between 9am and 5pm).

Alternatively, if you wish to make or chase a complaint, then you can write a letter to the Key Group by addressing your letter to the following address: Compliance Officer, Key Equity Release, Baines House, 4 Midgery Court, Fulwood, Preston, PR2 9ZH.

Alternatively, if you would prefer to email the Key Group then you can send them an email to info@krgroup.co.uk [2].

Whichever way you choose to get in touch with the Key Group, make sure that you always provide them with your full name, your full address, the plan number of your loan or application and as much information of your case and complaint as possible, along with any complimentary evidence [2].

If you have done this and still choose to pursue a complaint, then you can upload your review and comments to other sites such as Trustpilot.

Please call our 24-Hour Helpline: 0330 058 1579

Key Group Equity Release Review – The Reviews

During our Key Group equity release review, we established that the Key Group is thankfully authorised by the Financial Conduct Authority which means that they follow the advice and standards set by the Financial Conduct Authority against all of their products and loans.

The review site Trustpilot also rated the Key Group as ‘excellent’ with over a staggering 16,000 customer reviews. Their total Trustpilot review rating is 4.8 out of 5, which makes it one of the most popular and trusted equity release lenders.

In addition to this, the Key Group also state that they have converted over 1 million sceptics into releasing equity from their home, which equates to a total of 5.2 billion pounds of equity released from homes across the UK [1].

However, it is always difficult to know exactly who the best lender for you and your current situation is. This is why at Equity Release Warehouse, we always recommend that you talk to one of our specialists before making any final decisions.

Whilst most equity release advisers and lenders charge you money for an initial consultation, at Equity Release Warehouse we are happy and proud to state that we do not charge you for any initial advice you might need.

Please call our 24-Hour Helpline: 0330 058 1579

Key Group Equity Release Review – What Are the Benefits?

At Equity Release Warehouse, we feel very passionate about equity release, and believe that there are many benefits to releasing equity from your home, despite who you decide to go with.

For example, by releasing equity from your home, you will receive the money straight into your bank account, completely tax-free.

You also do not have to repay this money whilst you still live if you choose not to. You will also be able to help and protect those around you if you choose to pay off some of the interest on your loan.

Most equity release products across the UK also benefit from a no negative equity guarantee, meaning that even if your house depreciates in value by the time your next of kin comes to sell the property, they will never be liable to pay off the loan themselves.

Our Key Group equity release review uncovered a few benefits to choosing Key as a lender, although these benefits are common features of most equity release loans across the UK.

For example, the Key Group, just like Equity Release Warehouse, do not charge any money for any initial advice. You can also choose a range of different plans at Key, whilst choosing to make a plan customised to your situation if you should choose to do so.

With the Key Group equity release lifetime mortgage, you will also be offered inheritance protection, a no negative equity guarantee and the opportunity to pay off some of the interest on your loan early, whilst you are still alive without being charged any early repayment fines.

It is fair to say that the Key Group do have years of experience in equity release, as they have been operating for over 20 years now.

However, most equity release plans across the Key Group only allow you to release a maximum of approximately 56% of the equity from your home, which is less than some other lenders.

If you want to release equity from your home but want more information on the benefits of equity release, then speak to our professional advisers at Equity Release Warehouse for the very best advice and support.

Please call our 24-Hour Helpline: 0330 058 1579

Key Group Equity Release Review – What Are the Disadvantages?

Unfortunately, there are a number of disadvantages when it comes to opting for an equity release plan with the Key Group, as discovered during our Key Group equity release review.

For example, as with any equity release plan across the UK, you will have to repay interest on your loan. Interest rates with equity release plans are almost always higher than they are when it comes to traditional mortgages.

As you do not have to repay your interest whilst you are still alive, many choose not to. When this happens, the interest only builds up into compound interest.

Subsequently, this increases the total loan amount, and by doing so also increases how much of the loan your loved one will have to repay after you pass away.

This means that whatever is left over after the sale of the house will be their inheritance, which is often then a significantly reduced amount.

In addition to this, our Key Group equity release review also highlighted that by choosing to release equity from your home with the Key Group, you will be affecting your ability to receive and apply for any means-tested benefits in the future.

This will include anything that you currently receive from the Government or Council [3].

Finally, opting for equity release with the Key Group will also cost you a number of set up costs. This might include the cost of any equity release or financial advice that you might require, as well as the cost of a valuation and a solicitor to handle any dealings with the contract or lender

As you can imagine, equity release might not be for everyone. If you are currently considering releasing equity from your home but feel nervous about the interest rates or set up costs, then speak to our team at Equity Release Warehouse.

Our specialists and advisers are more than happy to talk to you, for free, about your doubts, worries or concerns when it comes to equity release. Our advisors will never force you into a decision, and they will always paint you with a clear and transparent picture of the equity release industry.

Please call our 24-Hour Helpline: 0330 058 1579

Key Group Equity Release Review – Key’s Qualification Criteria

When it comes to the equity release industry in general, most lenders stick to the same qualification criteria as each other.

For example, in order to qualify for an equity release plan with the Key Group, you will need to be aged at least 55 years old, be living in the UK and own your own home worth at least £70,000 if not more.

This property also needs to be your main residence, which means that you must live there the majority of the time throughout the year.

If you want to release equity with the Key Group, then our Key Group equity release review found that the minimum amount that you are allowed to release is £10,000.

Whilst there is no set maximum amount of money, it is always worth talking to an adviser if you choose to release a large amount of equity from your home.

In order to qualify for most equity release plans across the UK, you will also need to have paid off a large amount of your pre-existing traditional mortgage.

Whilst they might accept you if you still have a small amount of your mortgage to pay off, they will favour you if you have already paid off your mortgage.

If you have not yet paid off your traditional, pre-existing mortgage then most lenders require you to agree to pay off your traditional mortgage with the equity release money you receive.

If you want to release equity but are not sure if you would qualify for equity release, speak to our team at Equity Release Warehouse who will be able to talk you through the qualification criteria.

Please call our 24-Hour Helpline: 0330 058 1579

Key Group Equity Release Review – What Interest Rates Would I Get with Key?

Interest rates are never set in stone, and they will change and fluctuate depending on the current stability in the market. As the UK began to rebuild after Covid-19 in 2022, interest rates took a turn for the worst and started to rise after record lows during Covid-19.

Our Key Group equity release review found that most Key Group loans have competitive interest rates, and have been as low as 2.96% in April 2022 [2].

This is a relatively low interest rate compared to other interest rates when it comes to equity release loans. Remember, interest rates for equity release loans are typically a lot higher than they are for traditional mortgages.

If you are considering releasing equity from your home but want more guidance and support when it comes to interest rates, then speak to our team at Equity Release Warehouse for help and support.

How Much Does Key Group Charge?

Most equity release lenders include additional set ups costs. Some of these costs are unavailable, such as the cost of a solicitor and valuation.

It is difficult to say just how much these initial set-up costs will add up to, as it often largely depends on how much equity you are releasing and whether your solicitor is the cheapest or not.

Our Key Group equity release review did find that the Key Group might offer you a free valuation and free advice, to kick-start your equity release journey.

If you want to release equity from your home but are worried about the initial set up costs, then speak to our team at Equity Release Warehouse for more information.

Please call our 24-Hour Helpline: 0330 058 1579

Does Key Have an Equity Release Calculator?

Our Key Group equity release review found that yes, the Key Group do have its own equity release calculator. The Key Group equity release calculator is completely free to use and will give you an initial indication as to how much equity you would be allowed to release from your home.

However, with Key as with most other equity release lenders, the older you get the more money you are able to release from your property.

It is important to remember that using an equity release calculator with the Key Group will only ever give you an indication as to how much you can owe. You will need a more accurate idea by speaking to Equity Release Warehouse and speaking to an adviser.

Speak to Equity Release Warehouse

If you are considering releasing equity from your house, then the best thing that you can do is speak to a member of the Equity Release Warehouse team.

Our team of advisers will be able to offer you free and confidential advice based on your current situation.

They will also ask you a number of questions, including how much of your mortgage you have already paid off, how much equity you want to release, what your motivations are for considering equity release and what you want to spend the equity release funds on.

If you want help and advice, then call our team of experts on 0330 058 1579 or by visiting our website on www.equityreleasewarehouse.com for more information on how we can help you.

References

[1] https://www.wearekeygroup.co.uk/the-group

[2] https://www.keyadvice.co.uk/legal/making-a-complaint

[3] https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/types-of-borrowing/mortgages-and-secured-loans/