Homeowners that took out an Equity Release plan more than five years ago could benefit from a review, says Bower, to see if they could save money by switching to a plan with a lower interest rate.
Because Equity Release has become increasingly popular over the past few years, the choice of plans has grown. As a result of the heightened competition, interest rates on some plans have been pushed down. Geoff Charles, Managing Director of Bower, has this to say: ‘Even the smallest decrease in percentage could have a considerable effect on the amount of interest that accumulates in the future. Homeowners who released cash from their homes more than five years ago could well benefit from a review to find out whether savings could be made.’
Even if a plan has early repayment charges it could still prove beneficial to move to a plan with a lower interest rate.
Geoff Charles, who is an Equity Release Specialist, says: ‘Homeowners who would like to find out whether it would be worth their while changing to a new plan are welcome to contact us and we will help by providing independent financial advice and an in-depth explanation of everything involved in making the change.’
Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the south of England. For more information e-mail customer.services@bowerhomefinance.co.uk or call [tel]. Bower offers a free, no obligation initial consultation to homeowners considering Equity Release.
