Do you have an existing equity release plan?
You could save tens of thousands of pounds by switching plans
If you took out equity release when rates were high and there was little flexibility, it’s important to know that you have the option to switch your plan in the same way that you would with a mortgage. Over the past year, average equity release interest rates have been some of the lowest we've seen. With current low average rates, now could be a good time to review your current plan and take advantage by switching to a new deal. It couldn’t be easier.
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.
Express Money are pleased to have teamed up with Age Partnership. As the UK’s number 1 equity release advisors1, Age Partnership’s team of fully qualified advisors will compare the whole of the market to make sure your plan is really still the best option for you, with no obligation to proceed.
SAVE MORE THROUGH LOW INTEREST RATES
Lifetime mortgage interest rates are fixed for life, and with leading lenders currently offering low rates, switching plans could save you thousands of pounds in interest over the course of the plan when compared to your current arrangement.
Plus, Nationwide have reported average UK house prices have risen by nearly 15% in the last three years alone meaning that you could release more cash from your home to enjoy spending.
GET ADVICE
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 such as Age Partnership.
They will discuss the following, as being able to change your plan will depend 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 charges that may be applicable.
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 in to long-term care. We offer a comprehensive range of equity release products from across the market.
Initial advice is provided for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of £1,795 be payable.