It’s time to review your current equity release plan
With some interest rates sitting below 3 per cent, you may be able to save thousands of pounds in interest by reviewing your existing equity release plan. Whether Age Partnership arranged your original plan or not, we may be able to get you a better deal by switching plans, or you could potentially release more tax-free cash.
Providing you’ve had your existing plan for more than 12 months, our specialist advisors will compare the whole market to make sure that your plan really still is the best option for you. The current low rates could mean that there may be a better plan out there for you which could save you thousands of pounds in interest over the course of the plan, when compared to your current deal.
Even if your current plan has early repayment charges, there could still be savings to be made because of the current low rates. It is worth taking advantage of the free plan review, as you’re under no obligation to go ahead with anything that is suggested to you.
The free plan review could also be the perfect opportunity for you to access more tax-free cash and you may also want take a look at some of the new plan features that may not have been available when you first took out equity release, such as:
The option to access your tax-free cash like an income rather than a lump sum; greater options for how and when you choose to make repayments; and the ability to access a cash reserve at a later date, so you’re not accumulating interest on money that you don’t need right now.
During your free review your advisor will let you know if switching plans is right for you, providing you with the full information, including discussing whether you qualify for the latest plan developments.
The amount outstanding on your equity release plan, including any interest that you have accrued and any potential early repayment charges, will also be talked through. They will also discuss what impact equity release could have on the amount of inheritance you can leave and how it could affect your entitlement to means-tested benefits, either now or in the future.