If your existing equity release plan has never been reviewed, by switching, you could save thousands.
Equity release plans, as we know them today, have been around for the last 15 years. And, of course, things have changed. Current fixed interest rates are much lower, the amount you could release could be much greater, and plans nowadays offer you far more features.
Release more cash
- With a lower interest rate, you’ll accrue less interest on your loan over time, meaning you could save thousands
- You could be eligible to switch to a plan with benefits that better fit your needs
- Your house may have increased in value and you may be able to borrow more
- If you now have a health condition, you could potentially borrow more with an ‘enhanced’ plan
- As you are now older, you may be able to borrow more
We’ll review your plan for free
Equity release reviews are an essential part of financial planning. If you have an existing equity release plan, one of our independent advisers will search the whole market, ensuring they consider all elements of your existing policy, to find the most suitable plan for your requirements.
They’ll advise you on both re-mortgage and further advance options. For example, moving to another provider who offers a lower interest rate or releasing further funds from your existing provider.
Even when your plan has early repayment charges that will need to be paid, you could be better off switching to a plan that offers a lower interest rate rather than staying with your existing provider.
Get expert, independent advice
One of our independent equity release advisers will search the whole market to see if there’s a more suitable plan that would meet your requirements.
Unless you decide to go ahead, The Equity Release Experts’ service is completely free of charge as our usual advice fee of 1.99% of the amount released would only be payable on completion of a plan, subject to a minimum advice fee of £1,499.
Things to consider
- Our advisers will talk through your options taking into consideration all elements of your existing lifetime mortgage including any potential early repayment charge that you may need to consider when re-mortgaging to a new equity release plan.
- Get in touch today to see if you could save by switching your current equity release plan. It’s a call that could save you thousands.
- 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.