It’s always worth checking to see if your existing plan is still competitive.
Switch to a plan with a lower interest rate and you could save thousands of pounds, leave more inheritance for your loved ones or have further equity available to you for the future.
If your circumstances have changed, do you know whether you could access more money from your home now?
Perhaps your house has increased in value meaning there is more equity within it.
Or if your health circumstances are different now, you may be able to access an enhanced plan and borrow more.
Equity release plans are flexible and if your needs or circumstances have changed, there may be a plan that suits you better.
Your options could include:
Interest repayment: If you are now in a position where you’d like to repay some or all of the interest so there could be more equity remaining.
Lump sum vs drawdown: Lump sum lets you unlock some of the equity in your home as a single, one-off amount. There could also be an option to take out a drawdown lifetime mortgage, starting with a smaller initial amount and taking out further amounts in the future if you need it.
Inheritance protection: You could ring-fence a percentage of your home’s future value as a guaranteed inheritance.
Downsizing protection: If there’s a possibility you may move home in the future, this feature will allow you to repay your lifetime mortgage in full without an early repayment charge, should the property you’re moving to not be acceptable to your lender. This is usually after 5 years from when the plan completes.
Now you know why switching could benefit you, the next step is to find out if you could.
Mortgage Advice Bureau Later Life offer lifetime mortgage products from a carefully selected panel of providers. Your independent adviser from Mortgage Advice Bureau Later Life will search the whole market, taking on board the elements of your existing policy and finding out your requirements to get the most suitable plan for you.
Unless you decide to go ahead, our service is completely free of charge, as our fixed advice fee of £1,295 would only be payable on completion of a plan.
A lifetime mortgage is a loan secured against your property.
Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.