Do you have an existing equity release plan?
You could be missing out on saving thousands of pounds by not switching your plan.
If you have an equity release plan that's more than a year old, it’s important to know that you have the option to switch your plan in the same way that you would with a mortgage.
Why you should review your plan
Over the past year, average equity release interest rates have hit record lows, and as rates are now starting to climb, now could be a good time to review your plan and take advantage of switching to a new deal before rates rise further.
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.
Mirror 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 a wide range of plans to make sure your plan is really still the best option for you, with no obligation to proceed.
Save thousands of pounds
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.
Plus, Nationwide have reported average UK house prices have risen by nearly 23% in the last five years alone meaning that you could release more cash from your home to enjoy spending.
How to switch your plan
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.
Age Partnership provide initial advice for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of £1,795 be payable.
For more information on switching your plan call 0800 015 5576.