Thinking of switching your Equity Release Plan? See how much you can save with Bower

Switching Equity Release To A Lower Interest Rate

Everything You Need To Know About How You Switch Your Equity Release Plan

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Why switch your plan?

  • Benefit from a lower interest rate
  • Release more tax-free cash
  • Potentially save thousands

Please note that additional fees and early repayment charges may apply. We take into account any charges before making any recommendation.

If you have an existing equity release plan,we can help switch from any provider, including the following:

Equity Release Awards and Feefo Gold Service

For those with an equity release mortgage in place, it is possible to change to another product and lender, just as you are able to remortgage your home in the traditional mortgage lending market. Popular amongst the over 55’s, equity release is a way to release some much needed cash in order to make home improvements, enhance retirement, pay off mortgages and debts or increase disposable income.

However, you may find that your equity release scheme is uncompetitive, has a high interest rate or is unable to meet your future needs. Some companies, such as Prudential, Aviva, LV=, Just Retirement, more2life and any others, may not be able to offer you the best interest rate or deal on the market. That’s where we come in, at Bower we can help review your current arrangement and see if we could help you could save thousands of pounds by switching your plan with our low fee remortgage switching service.

Equity Release Awards and Feefo Platinum Service

Reasons To Consider Switching Equity Release Providers

For homeowners with an equity release mortgage already in place, there could be several benefits for swapping your current plan to a more competitive one. Average rates for equity release products reached record lows of 3.95% in February 2021, with over half of products offering a rate of 4% or lower, and a fifth offering rates below 3%. *Source: Research carried out by Moneyfacts.co.uk February 2021.

Save Money With A Better and Lower Interest Rate

Depending on when you took out your equity release mortgage, you may find that the interest rate on your current plan is no longer as competitive as it once was. The interest rates on lifetime mortgages are currently at an all-time low with a constant stream of new deals becoming available that offer additional benefits such as cashback, low set up costs, no application fees and free valuations.

Swapping to an equity plan with a more competitive interest rate could potentially save you thousands of pounds every year!

Get Access To More Money

If you are looking to borrow more on your current lifetime mortgage then you could of course go straight to your existing lender, however it is always prudent that you shop around and seek advice on whether or not there are better deals available on the market. When you choose to top-up with your current lender, they may agree to do so at the current market rates, but the original loan could remain at the same non-competitive terms.

Make The Most Of The Latest Features

When you switch your equity release plan you could have access to new, flexible features that your existing plan doesn’t provide. These can include things such as inheritance protection, making voluntary repayments with no early repayment charges, downsizing protection or enhanced plans that could give you access to more cash.

Moving Home

If you are looking to move home, then you are able to transfer your equity release plan across with you to your new property. However, it is worth finding out if there is a better deal available if you were to switch equity release plans to another lender as this could provide you with a lower interest rate or more flexible options than your current plan.

How Can You Switch Equity Release Providers?

If you think you are paying too much for your current equity release mortgage, the product is no longer suitable or you’re looking to release more equity, then switching to another provider with a different deal could be exactly what you need.

At Bower, our mortgage experts are on hand to help guide you, starting with an assessment of your current arrangement and establishing whether making the switch would be viable. We will then scour the whole market and put forward to you the very best deals, factoring your individual circumstances and requirements and explain everything in detail to help you reach a decision on the best and most suitable plan for you.

Over the last 10 years we've helped thousands of customers get the best plan for their lives

Mr & Mrs Nugent took out a lifetime mortgage 5 years ago.

At that time they were asset rich and cash poor with a desire to suppliement their income for social and leisure purposes.

This led to the arrangement of a drawdown plan.

5 years later they decided to downsize and in doing so they repaid part of their loan but retained some to supplement their income, although at a lower level. As they advanced in age their social and leisure activities declined.

We reviewed their plan

As interest rates had dropped considerably we switched them to a plan at a much lower interest rate that would save £78,000 over 15 years. It also gave them the option to make voluntary payments which they were able to do over time as their income reduced.

Benefits of Switching

  • Arrange a new plan with a lower interest rate
  • Save potentially thousands of pounds over the life of your plan
  • Unlock even more of your property wealth. As well as searching for a more competitive equity release plan, our independent specialists can also find out if you also qualify for a top up of your funds. If you feel the time has come to give your finances another boost, then you might find you can switch to a lower interest rate and unlock a larger amount of money from your home’s value at the same time!
  • Choose a plan where you can make voluntary interest payments
Remember that additional fees and early repayment charges may apply. We take these charges into consideration and work out if switching is the right decision for you and your needs.

Why switch with Bower

By switching your provider with Bower you could potentially save thousands, just like Mr & Mrs Nugent in our case study who would save £78,000 over 15 years. By staying with your provider and existing plan on a high rate, your total interest could accrue to a much larger amount than if you switch to a plan with a lower rate. Here at Bower, we are independent and have access to the whole market so may be able to find you a much better deal and save you money. Let us check your plan today so you can start saving money.

For those of you who have a plan with Prudential, LV, Just, or Aviva or any other lender, you may find these mortgage lenders cannot lower your interest rate and you will not be able to re-mortgage with them direct. However that may not be the case from the whole market, so if you want to change your existing plan let us take a look and see if we can help you switch today.