Equity Release plans have been available in the financial marketplace for about 15 years. However, if you took out a plan then chances are that you would have been offered much higher interest rates compared to the lower fixed rates available today. What’s more, in the early days of Equity Release, loan-to-property values were lower, meaning smaller loans were available compared to current provisions.
If you have an existing Equity Release plan with terms that you are unhappy with, perhaps now is a good time to review your plan to see if you can get a better deal.
By switching your Equity Release plan, you may be able to:
Obtain lower interest rates
If you remortgage to a more competitive Equity Release scheme, you could reduce the amount of interest you will be paying in the future. Switching from a poor-value scheme gives you the opportunity to make substantial savings, even in the case where your current provider charges hefty exit penalties.
Release more tax free cash
While switching to a better Equity Release plan, you may have the facility to borrow further funds immediately, or take advantage of flexible drawdown facilities. You may be able to pay off the interest without penalty, and receive better terms and conditions overall. It’s always worth checking to see what’s on offer.
Save thousands of pounds
Choosing the right Equity Release plan for you and your family is crucial for getting the best possible deal. To see whether you can make substantial savings by improving on your current Equity Release plan, take advantage of our free review service. We provide a free, no obligation service to help you explore your options.
Equity Release Sussex is a trading style of TRM Financial Ltd (FCA Ref 725622), an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority (649443). Registered in England and Wales no. 09832887. Registered Address: 70 St. Johns Close, Knowle, Solihull,
England, B93 0NH
For Independent Equity Release advice we do not charge any upfront fees however,
a fee of up to 1% of the total cash facility arranged is payable (subject to a typical minimum charge of £1,295) on completion for our service in relation to lifetime mortgage contracts plus commission from the lender.
The exact amount will depend on the complexity and work involved in your case and will be confirmed by way of a formal fee agreement.
For Independent Mortgage Advice we charge a fee of up to 1% of your mortgage amount payable (subject to a typical minimum charge of £295 payable on application & £300 on completion (£595 in total) plus commission from lender. The exact amount will depend on the complexity and work involved on your case and will be confirmed by way of a formal fee agreement.
To understand the features and risks, ask for a personalised illustration. Think carefully before securing other debts against your home.