Switch your equity release plan today and potentially save £1000s!
5th May 2021
When was your existing equity release plan last reviewed? With current interest rates as low as 2.9% APR, a switch could save you more than you may imagine.
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Review, Switch and Save!
Do you have an existing equity release plan? Has it been reviewed recently by an expert? It could be time to look at your existing plan to see if you could switch to a cheaper deal.
Equity release plans in the past had generally higher rates than in today’s competitive market and you could find that your current plan may be costing more than it needs to be.
Nowadays, interest rates are extremely competitive and equity release plans could offer rates as low as 2.9% APR* This is good news if you already have a plan as you may be able to switch your existing higher interest rate lifetime mortgage to a new plan with a lower interest rate and potentially save yourselves £1000s in interest.
How does it work?
Essentially getting a new deal is the same as taking out an Equity Release plan for the first time. As your specialist advisor we would look at your age, health and current value of your property, and consider the actual value of your existing loan and any associated Early Repayment Charge (not all plans have this penalty included). Even if there is an Early Repayment Charge, overall it may still be cheaper to get a new loan.
We would then find a new plan at a lower rate of interest which would be used to pay off the original loan, and any Early Repayment Charge if applicable, and potentially allow you to release further funds from the value of your estate if desired. The new plan may also have additional benefits which did not exist in your old plan such as downsizing options, drawdown facilities, free optional repayment of the loan, free repayment on death of the first life, and inheritance protection.
Switching plans needs careful assessment and your current circumstances need to be taken into account which is why it is essential to speak to an experienced equity release specialist.
Talk to Kevin
If switching plans is something that you would like to consider please contact Kevin Woods on 01489 454545, or at kevin@laterlivingnow.com for more details.
*The overall cost for comparison is 2.99% APR. Stated rates correct as of 6 April 2021. The actual rate that you receive will depend on your circumstances. https://www.keyadvice.co.uk/equity-release/change-your-existing-plan
Why not get in touch and see how we can help?
Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back
Providers include
Equity release will reduce the value of your estate and may also affect your entitlement to means-tested benefits. You should always think carefully before securing a loan against your home.
Unless you decide to go ahead with a plan, our service is completely free of charge, as our fixed advice fee of £1,695 is only payable on completion of a plan.
A lifetime mortgage is the most popular form of equity release, and is a loan secured against your home that’s typically repaid when you pass away or go into long-term care.
