Faq's

Q: Who are Key Retirement Solutions?
Key is the leading independent specialist for equity release, currently arranging over 25% of SHIP approved plans taken out through intermediaries in the UK. Key Partnerships is the dedicated business to business arm of Key Retirement Solutions looking after you, the introducer.

Q: What is equity release?
The equity that your clients have in their property is the open market value, minus any mortgage or loan secured against it. An equity release plan allows your clients to release tax-free cash from their homes to boost their finances, without the need to move. Equity release funds can be used for any purpose and there are no monthly repayments for your customer. With many (Safe Home Income Plans) approved equity release schemes to choose from, your clients can save thousands of pounds by choosing the right one. That's why it's so important that they receive specialist advice.

Q: Which of my clients could qualify for equity release? Clients must fulfil the following criteria:

• Be aged 55 - 95.
• Be homeowners.
• This home must be worth a minimum of £50,000.
• Have little or no mortgage - any outstanding mortgage must be repaid with the cash released or from other funds. (Use our calculator and find out how much you could release).
• The property must be freehold or leasehold with a minimum remaining lease period of 75 years.
• The property must be of standard construction.

Q: What types of equity release schemes are available for my clients?

There are three main types of equity release schemes:

Lifetime mortgages - a loan secured against the property, which accrues interest until the loan plus interest is repaid when the property is sold. This is usually on entry into long-term care or when the client passes away. Schemes are available to homeowners 55 - 95, with little or no mortgage outstanding. Clients can typically release 18-50% of the value of their home, depending on age.

Home reversion plans - part or all of the property is sold in exchange for a tax-free cash lump sum and a guaranteed lifetime lease with no monthly repayments to meet.

Drawdown plans - a drawdown lifetime mortgage has the same advantages and disadvantages as a regular lifetime mortgage, as well as a few more that are unique to this kind of equity release scheme. The main difference with a drawdown plan is that the full sum of money available to the client isn't released immediately. Instead, they decide on a maximum amount of equity they want to release and 'drawdown' the cash in stages, as and when they want to.

Q: The Key Partnerships website is not approved for customer use. Where can I direct my clients if they want to know more about Key Retirement Solutions?
If your clients want to know more about Key Retirement Solutions before deciding to enquire about equity release, you can direct them to our consumer website at: www.keyrs.co.uk – this will give them plenty of information about who we are and what we do. It will also give your clients the opportunity to read testimonials from our previous customers. Alternatively you can contact us through the Key Partnerships website if you have any questions you would like answering on your clients' behalf.

Q: What safeguards are in place to protect my clients?
Key Retirement Solutions recommend SHIP approved plans so they all come with a set of guarantees to ensure your client's safety:

• The right to remain in their home for as long as they choose
• The freedom to move to another property without financial penalty (subject to lenders' criteria)
• That they will never fall into negative equity no matter what happens to house prices in the future

Q: Why should I refer my clients to Key Retirement Solutions?
Refer your equity release clients to us and we can save you time, money and resources by doing all the hard work on your behalf. You will be able to refer your clients, generate new business and receive an additional income stream. Should your clients require any further advice they will always be referred back to you.

Key Retirement Solutions are authorised and regulated by the FSA, with all advisers holding the required equity release qualifications.

Every client is unique and we have developed our service with this in mind. Our advisers create a detailed picture of the clients needs before making a recommendation. You may also wish to attend the first appointment with your client and our adviser to gain a better understanding of our processes.

Q: What commission will I receive?
For each referral that completes you will receive 50% of any procuration fee received by Key Retirement Solutions. This is on average £750 to you!

Q: How do I refer a client to you?

There are 4 easy steps to referring clients to us:

Step 1: - Register free with Key Partnerships.

Step 2: - Log on to Key Partnerships and fill in the client's details on our straight forward form, then click ‘submit’. It's that simple, we'll handle things from there.

Step 3: - We'll contact your client to offer them a free, no obligation initial consultation with one of our specialist local advisers. Your client's personal adviser will search the market to find the most competitive plan.

Step :4 - Your client's plan completes. They receive a tax-free lump sum to spend however they like and you receive your commission.

Q: Do you take full responsibility for the advice and recommendation?
Yes. All you have to do is refer your client to us and we will do the rest on your behalf. We are fully responsible for all the advice we provide, with complete Professional Indemnity insurance covering equity release plus a dedicated department to handle the compliance.

Q: If I refer my client to you are they obliged to go ahead?
All clients referred to Key are offered a free no-obligation initial consultation with an adviser based in the client's local area. There is never any pressure to proceed and they are not obligated to go ahead with an application after their consultation.