Switching your existing plan

Is equity release something that you’ve already chosen to do? Just because you’re only part way through your existing plan, you don’t have to stay with it. It may be possible to switch plan and save money – or even release more. With specialist equity release advice from experts you can trust, we’re here to help you understand your options.

Get in touch with The Equity Release Experts today and explore if other equity release plans could be a better solution for you. Call us on 0800 188 4812 or request a callback for a free first consultation.

Can you do equity release again?

You can do equity release more than once – as long as you haven’t released the maximum amount from your home already. There could be benefits in doing so – and we can make sure you’re aware of all your options.

How deciding to switch plan could benefit you

The decision to switch plan does call for careful thought, as you’d expect. But The Equity Release Experts can help you discover the options that are available to you. And, by getting to know you and your circumstances, we can be sure about recommending the right new equity release plan for you.   

You might find that deciding to switch plan could help you: 

Save money

When you take out an equity release plan, it’s likely that your interest rate is fixed for life. While that certainty can be a benefit for many, it’s actually a disadvantage if rates start to drop. The Equity Release Council’s Spring 2020 Market Report found that average rates fell to a record low during the second half of 2019. So, it could be well worth your while in the long run to switch plan.

Release more equity

You may find that equity release plans could help unlock even more equity from your home. Has your home gone up in value since your original plan started? Do you now have a health condition that means you could borrow more on an ‘enhanced’ plan? These are just two of the factors that could make more equity available to you. Even just being older could let you unlock more funds.   

Get more features

With different equity release plans come many various features. Some you might want to benefit from, others perhaps not. But you could decide that, after starting a plan, there are features you currently don’t have access to – such as inheritance or downsizing protection. When you switch plan, however, you could add these benefits to your equity release plan.

What we can do if you want to switch plan

For all our customers, equity release is an important part of financial planning for later life. We want to make sure that everyone can take advantage of the products that are right for them.

If you already have a plan, you can get in touch with us at The Equity Release Experts and one of our impartial expert team will search the whole of market to help find an equity release plan most suitable to you. We’ll be able to look at your current plan and what other options could offer. And, from that, we’ll be able to make a recommendation on the right course of action for you. Early repayment charges will be taken into consideration. 

We can tell you if it’s right to switch plan. We’ll also offer support regarding further advances or remortgaging. This could mean exploring the possibility of releasing additional funds from your current provider – or even moving to another provider who may offer a lower interest rate.

No matter what the right option is for you and your circumstances, our advisers will find them. Contact us on 0800 188 4812 or request a callback with one of our team.

Let’s take the next steps – together

It’s easy to think your current equity release plan is as good as it’ll get. But that’s not always the case – and we can show you how. From getting a better interest rate to releasing more tax-free funds, you can trust us to offer fully independent advice on the equity release plan that is suitable for you.

We’ll consider all the current features and elements of your current policy to see if the decision to switch plan is a smart one.

You can call us on 0800 188 4812 or request a callback to find out more.

See if you could release more cash with your current plan or switching to a different plan may suit your needs better, although you would need to consider any early repayment charges applicable to your plan.


Things to consider with equity release

  • A lifetime mortgage, the most popular type of equity release, is a loan secured against your home.

  • Typically there are no monthly repayments to make as the loan plus roll up interest is repaid when the plan comes to an end.

  • Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.

  • Unless you decide to go ahead, our service is completely free of charge as our fixed advice fee of £1,499 is only payable on completion of a plan.