Are you stuck on an old equity release plan?

You could save tens of thousands of pounds by switching plans

Over the past five years, average equity release interest rates have fallen from 6.15 per cent to 3.6 per cent. They are now starting to rise again, so for anyone with an existing plan, now could be a good time to review your current plan and potentially take advantage by switching to a new deal.

Whether your original plan was arranged through the Mail Finance equity release service, or any other company, we may be able to secure you a better deal by helping you to switch plans. 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.

The team of fully qualified advisers that you can access through our service will compare the whole of the market to see whether your current plan still is the best option for you, or if you could save money by switching.

Save more through historically low average interest rates

Lifetime mortgage interest rates are fixed for life, and with leading lenders currently offering historically low average rates, switching plans could save you thousands of pounds in interest over the course of the plan when compared to your current arrangement.

There are now 698 different equity release plans on offer, with a wide range of flexible options which may not have previously been available to you. With more options available now could be a good time to review your current plan and potentially take advantage by switching to a new deal.

Plus, Nationwide has reported average UK house prices have risen by nearly 23 per cent in the past three years alone, meaning that you could release more cash from your home.

Get advice

Changing your existing equity release plan isn’t right for everyone and it’s important that you understand what it could mean for you and seek advice from a specialist.

Through the Mail Finance equity release service its advisers 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.

• To find out more about switching plan, call 0808 239 8858.