You could potentially save thousands of pounds in interest by switching your plan and taking advantage of current low rates.
If you took out equity release when rates were high and there was little flexibility, it’s important to know you have the option to switch your plan in the same way that you would with a mortgage.
Regardless of which provider your original equity release plan was arranged through, if you’ve had an existing lifetime mortgage for 12 months or more then you could receive a free, no-obligation review to find out if you could access a better deal than was previously available to you.
Save more through low interest rates
Lifetime mortgage interest rates are fixed for life, and with current average low rates, switching your plans could save you thousands of pounds in interest over the course of the plan when compared to your current arrangement.
More to spend on what matters to you
Average UK house prices have risen by nearly 9% in the last three years alone meaning that you could release more cash from your home to use however you want, such as:
- Home improvements
- One-off purchase e.g. new car, caravan or holiday
- Enable a more comfortable retirement
- Help friends or family members financially
Get specialist equity release advice
We’re working with our trusted partner, Age Partnership. As the UK’s number 1 equity release advisers*, the team will compare the whole of the market to make sure your plan is really still the best option for you.
Changing your existing equity release plan isn’t right for everyone and it’s important you understand what it could mean for you and seek advice from a specialist.
They will clearly explain the following, as being able to change your plan depends on;
- Whether you qualify for the latest plan developments.
- Any changes in the value of your house.
- The amount outstanding on your current plan including accrued interest.
- Any potential early repayment changes that may be applicable.
Talk To The Experts - Arrange Your Free Consultation
Real Advice For Real People
* UK’s no.1 based on Touchstone data, number of plans, 2018 – Q3 2020
Equity release may affect the amount of inheritance you can leave and your entitlement to any means tested benefits now, or in the future. Equity release may involve a lifetime mortgage which is secured against your property. To understand the features and risks, ask for a personalised illustration.
Equity release, plus accrued interest, is to be repaid upon death or moving into long-term care.
Age Partnership provide initial advice for free and without obligation for you to take it any further. Only if you choose to proceed and your case completes would a typical fee of £1,795 be payable.