Everything You Need To Know About How You Switch Your Equity Release Plan
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Equity Release Advice
If you have an existing equity release plan,we can help switch from any provider, including the following:
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.
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.
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.
Bower provides independent, impartial whole of market advice with an award-winning customer service experience. Initial advice is provided at no cost to you and without obligation. Only if you choose to proceed and your plan completes, would a typical advice and administration fee of £1,495 be payable.
If you are considering equity release, we strongly recommend that you read our ‘Advantages and disadvantages of Equity Release’ page carefully and talk to one of our specialists before deciding if you wish to proceed.
This is a lifetime mortgage or home reversion plan. To understand the full features and risks, please ask us for a personalised illustration.