Remortgage your existing equity release plan
Does it make sense to switch your existing equity release plan?
Equity release rates have tumbled in recent months to record lows. If you are on a higher interest rate plan, it may make sense for you to review this with a view to switching.
By remortgaging your equity release plan to one with a lower interest rate, you could potentially save thousands in interest over the lifetime of the plan. The average interest rate in 2007 was 7.23% yet the average now is 6.82% with many plans under the 6% mark.
It’s important to remember when rebroking your equity release plan that there may be an early redemption charge on your old plan. We can walk you through this over the phone, making sure that there is a clear benefit to you remortgaging before you do so.
Someone paying a rate of 7.25% on a £100,000 equity release home loan would reduce their interest bill by £7,641 over five years by switching to a plan on 5.65%
If you want to borrow more from your equity release plan, there may be higher amounts available than when you took out your plan. Let us walk you through the benefits of switching equity release. Call us on 0800 012 4180