Did you know that switching your existing Equity Release plan or provider is possible if you have had your plan for at least 12 months?
There are a number of reasons why you may want to think about switching Equity Release providers. The most obvious one being that you are looking to raise further cash.
You may even find yourself in the situation where you now have moved into an age bracket that will enable you to take a bigger percentage of the value of your property. If you have had the plan a number of years, your property value may well have increased beyond your original predictions
You may have a plan that will already allow you to take a further advance. If that’s the case, you need to find out whether it is better in the long run to stay with the same provider and borrow more, or move to someone new.
Early penalty charges, how much more you would like to take and comparing interest charges all need to be taken into account if you are going to make the right choice for you. Remember, no two people’s circumstances are the same so taking time to get the right advice is worth it in the long run.
Newer plans tend to have greater flexibility in the options available. You may have wanted to originally have a plan where you could make some repayments, or wanted to include some form of guarantee with regard to the amount you could leave your family. Such options may have not been available to you then, but they are now.
Finding out whether or not transferring your existing plan to a new provider is worthwhile is simple and free. An Equity Release plan is designed to last for life, but that doesn’t mean once it is set up that’s it. If you have had professional advice in setting a plan up then you should be getting ongoing service which will include regular reviews.
If you’re not getting that regular service from the original adviser, you can ask a suitably qualified adviser to go through it and make sure it is still meeting your expectations. We offer a free review service to anyone with an existing plan. To find out more about switching your existing Equity Release plan, just complete the enquiry form below and we will arrange for an independent Equity Release specialist to give you an honest answer about what you should do.
