Switching Equity Release providers

Switching Equity Release providers

How you can save money by switching your existing Equity Release Plan to a new provider.

Did you know that you can switch your Equity Release provider if you have had your plan for at least 12 months?

  • There are a number of reasons why you may want to think about switching Equity Release providers. The most obvious one being that you are looking to raise further cash. You may even find yourself in the situation where you now have moved into an age bracket that will enable you to take a bigger percentage of the value of your property.

    Interest rates have fallen in recent years, and if your plan is several years old, it is likely that lower interest rates are now available, making your existing plan uncompetitive. If your interest rate is 5% or more then it is very likely that switching will save you money.

    The way interest is rolled up on a typical Equity Release Plan means that even a modest reduction in the interest rate can have a significant effect on reducing the final amount that has to be repaid.

    Newer plans tend to have greater flexibility in the options available to you. You may have wanted to originally have a plan where you could make some repayments, or wanted to include some form of guarantee with regard to the amount you could leave your family. Such options may have not been available to you then, but are now. Taking a careful review of your existing plan, you may find what is available to you now could be your way forward.

    Finding out whether or not transferring your existing plan to a new provider is worthwhile is simple and free. Just complete the enquiry form here and we will arrange for an independent equity release specialist to give you an honest answer about what you should do.

Have a question?

Whether it is just a query about something you have read, or you wish to move on to the next stage of your process, drop us an email and we will be happy to help. Easy, free, and with no obligation

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