Don’t miss out on saving £50,000 by switching your plan

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

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.

Average equity release interest rates have hit a historically low average. People who switched plans to a new deal saved an average of £50,000 over the life of their loan.

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.

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 25% 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 released, plus accrued interest, is to be repaid upon death or moving in to long-term care.