Switching Plans

Switching your
Equity Release Plan

If you took out an Equity Release plan years ago, chances are you are now paying high-interest rates for that lifetime mortgage sometime up to 8-9%.

Over the years, Equity Release providers have made their products more cost-effective for consumers by reducing interest rates and offering better deals on new products.

Switching Equity Release Provider

Plan flexibility

A myth of Equity Release is that once you’ve purchased a plan, you are locked in with that equity release providers and are unable to move to a new provider, should you so wish. This is untrue; a lifetime mortgage is very similar to a typical mortgage so you can shop around for a better deal for you.

Our equity release specialists can assess your current equity release plan, discuss your circumstances and goals with you, then scour the market to find you a better deal.

0800 368 8214

The benefits of switching

There could be many benefits to switching your Equity Release plan:

  • Lower Interest Rates – many older Equity Release policies have higher interest rates than are currently on offer. Shopping around could get you a better deal.
  • Access More Money – the value of your property may have increased, meaning you now have more equity locked in your home. Taking a new Equity Release plan could allow you to tap into that new equity value and release a cash lump sum.
  • More features – new plans can potentially have more features than older policies like inheritance protection or flexible drawdown.

Have you considered?

When thinking about switching equity release schemes, you should consider the following:

  • Always ask if the proposed plan has a no negative equity guarantee.
  • Equity Release could have an impact on your estate after your death.
  • Releasing equity and receiving a cash lump sum could affect any means-tested benefits you currently receive.
  • A lifetime mortgage is the most popular form of equity release and means you will still own your property and entitled to live there.
  • How much extra could you release? Use our equity release calculator to find out how much you could now release.

0800 368 8214

Why choose Equity Release Works?

  • FCA Regulated Advice.
  • Advice tailored specifically to you.
  • Guaranteed ‘no negative equity’ plans.
  • Retain full ownership of your property.
  • Supportive with zero pressure to proceed.

Simply fill in our form to get started today.

Get Started

Equity Release Council Logo

Member of the
Equity Release Council

The Equity Release Council are the industry body for the UK equity release sector. This means we adhere to a strict set of council rules to ensure that equity release is in your best interests.

0800 368 8214