Feel stuck on an old equity release plan?

You could switch and save tens of thousands of pounds

Many people with existing equity release plans aren’t aware that they could potentially switch over to a new, better deal if they’ve had it for 12 months or more. And with the historically low average rates that we’ve recently seen, that could mean saving yourself tens of thousands of pounds in accrued interest over the course of the plan when compared to your existing deal.

That said, with the current economic climate interest rates are starting to rise again, so for anyone with an existing plan it means that now could be a good time to book a free review of your current plan and potentially take advantage of switching to a new deal.

Protect your hard-earned money

As recently as 2016 average equity release rates were 6.06%, which is much higher than the recent historically low average rates seen in the market. This means there will be thousands of people who have taken out plans over the last few years who stand to save a significant amount of money in accrued interest if switching turns out to be right for them.

There are more than 600 different equity release plans on offer, with a wider range of flexible options which may not have been available previously, so it could be worthwhile getting a noobligation review of your existing deal to see if you would be better off switching your plan.

It's important to note that equity release may involve a home reversion or a lifetime mortgage, which is secured against your property. To fully understand the features and risks, please ask for a personalised illustration. Equity release requires paying off any existing mortgage and any money released, plus accrued interest would be repaid upon death, or moving into long-term care.