Do you have an existing equity release plan?

In the same way that you can re-mortgage on a standard mortgage, you can also do the same with equity release.

If you have an existing lifetime mortgage that’s one year old or more then you could look into reviewing your original equity release plan to see if you could access a better deal than was previously available to you.

Current market conditions

Lifetime mortgage interest rates are currently low, which could save you thousands of pounds over the course of the plan in interest compared to your current plan. Plus, Nationwide have reported that average UK house prices have risen by 7.5% in the last three years alone, meaning that you could release more cash from your home to spend on anything else you wish.

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. Through the Mail Finance Equity Release service the advisers will be able to explore the wide range of plans that may not have been available to you previously. Some of these plans now come with added features and benefits. The advisers will provide you with a free plan review quotation with no obligation to proceed. So you have nothing to lose by checking if you’re still on the most suitable plan for your needs. It’s worth noting that being able to change your plan will depend upon whether you qualify for the latest plan developments, as well as a few other factors that the adviser will go through with you, such as; change in the value of your house, the amount outstanding on your existing equity release plan, including interest that has accrued and any potential early repayment charges that may be applicable. They will also discuss the effect that changing plans could have on the amount of inheritance you can leave and if your entitlement to meanstested benefits could be affected now or in the future.