Home Equity release Switching plans

Switching your existing plan

It may be possible to switch your equity release plan and save money, or even release more. With specialist equity release advice from experts you can trust, we’re here to help you understand your options.

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Can you do equity release again?

You can do equity release more than once, this can be done via a further advance on your existing plan, or switching to a new plan. You could release further funds as long as you haven’t released the maximum amount from your home already, or if your home's value has increased since you last took out equity release. There could be benefits in doing so, and we will make sure you’re aware of all your options.

How deciding to switch plans could benefit you

The decision to switch plans does call for careful thought, as you’d expect. But The Equity Release Experts can help you discover the options that are available to you. And, by getting to know you and your circumstances, we can be sure if recommending a new equity release plan could be right for you. You might find that deciding to switch plans could help you:

Save money

When you take out an equity release plan, it’s likely that your interest rate is fixed for life. While that certainty can be a benefit for many, it’s actually a disadvantage if rates start to drop. 

Release more equity

You may find that switching equity release plans could help unlock even more equity from your home. Has your home gone up in value since your original plan started? Even just being older could let you unlock more funds.   

Get more features

With different equity release plans come many various features. Some you might want to benefit from, others perhaps not. But you could decide that, after starting a plan, there are features you currently don’t have access to – such as inheritance or downsizing protection. When you switch plans you could find a plan with these features included.

What we can do if you want to switch plans

For all our customers, equity release is an important part of financial planning for later life. We want to make sure that everyone can take advantage of the products that are right for them.

If you already have a plan, you can get in touch with us at The Equity Release Experts and one of our impartial expert team will search the whole of market to help find an equity release plan most suitable to you. We’ll be able to look at your current plan and what other options could offer. And, from that, we’ll be able to make a recommendation on the right course of action for you. Any early repayment charges will be taken into consideration. 

We can tell you if it could be right for you to switch plans. We’ll also offer support regarding further advances. This could mean exploring the possibility of releasing additional funds from your current provider.

Contact us on 0800 188 4812 or request a callback with one of our team.

Lifetime mortgage benefits

Your specialist equity release adviser will explain:

  • You can unlock cash from your home, tax-free, to help meet your needs in later life
  • You’ll always retain full ownership of your home and can stay in it for as long as you wish
  • You can choose to make reduced or no monthly repayments to suit your circumstances
  • You’ll never owe more than your home’s worth
  • You may be able to remortgage your plan in the future to release further funds or secure a better interest rate, although this isn’t guaranteed and may be subject to early repayment charges

Drawbacks

Your equity release adviser will also outline the following important things to think about:

  • A lifetime mortgage is a loan secured against your home and subject to compound interest, meaning the amount you owe can grow quickly
  • Equity release will reduce your financial options in the future
  • Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
  • Equity release may leave you with limited or no property equity remaining
  • A lifetime mortgage is a long-term financial product and is not designed to be fully repaid until the death or entry into long-term care of the last remaining borrower, otherwise early repayment charges may apply

Let’s take the next steps – together

It’s easy to think your current equity release plan is as good as it’ll get. But that’s not always the case – and we can show you how. From getting a better interest rate to releasing more tax-free funds, you can trust us to offer fully independent advice on the equity release plan that is suitable for you.

We’ll consider all the current features and elements of your current plan to see if the decision to switch plans is a smart one.

You can call us on 0800 188 4812 or request a callback to find out more.

See if you could release more cash with your current plan or if switching to a different plan may suit your needs better, although you would need to consider any early repayment charges applicable to your plan. Your adviser will look at any early repayment charges you need to consider.

Unless you decide to go ahead with a plan, our service is completely free of charge, as our fixed equity release advice fee of £1,799 is only payable on completion of a plan.

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