‘I can’t believe how simple it was to review our equity release plan’

Joan and John White, both aged 68, originally released £30,000 of equity from their home in 2017 with Aviva on a rate of 6.45 per cent.

But in March this year they discovered they could get a much cheaper rate of 3.04 per cent by switching to Legal & General. And they now stand to save a significant £68,000 over their lifetime – even after paying an early exit fee on their existing plan.

Mrs White said: ‘I can’t believe how simple it was to review our equity release plan. It was no hassle at all, our adviser at Age Partnership did all of the work for us.

‘We had tried to switch rates in the past but the time wasn’t right because of the early repayment charges we had to pay. But we just checked on it every year and with rates dropping so substantially it meant that, even with the early repayment charges, we were able to save over £68,000.

‘We’re delighted with the saving, it’s a huge sum of money that would have otherwise been swallowed up in interest.’

Mr & Mrs White