Ensuring you choose the Right Equity Release

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Are you considering a top up from your existing Equity Release Plan?

Borrowing Further Funds.

Do you have an existing Equity Release Plan that you would like to ‘top up’?

If you currently have an existing Equity Release Plan then we urge you to review the plan to ensure it is achieving what you intended it to do. Typically in the past interest rates used to range between 7.49% and 8.79%. Some index linked plans were higher still up to 10.14%. As the rates on these plans are fixed at a higher rate you will repay a large amount of equity from your home.

Remortgaging to a lower fixed rate may save you or your beneficiaries a large amount of interest, which will be added under your current arrangement. The other main benefit of reducing the interest rate on your existing loan is, by slowing down the interest roll up, you may be able to benefit from a further release from your property in the future, as you will owe less under your current plan.

The loan to values under certain old plans were also a lot lower than under current plans. This means that although your loan is increasing, your age has also; you may be able to remortgage your equity release and borrow further funds at the same time. The benefit is, sometimes the new larger loan is at the lower interest rate meaning you can borrow further funds, but in the future you will owe the same or in some cases a lower amount. Thus, this can equate to free money in time as you are paying back less than had been agreed under your existing loan at the higher interest rate.

In summary, there are a number of benefits to reviewing your loan, reducing the interest rates, making your plan more flexible, borrowing further funds, partial repayment or monthly repayments. One of our Specialised Equity Release Advisors will be happy to review your existing arrangements for free; they will advise you and make some recommendations to you to show you how your current situation can be improved.

You can generally apply for a top up from an existing equity release plan if it is more than 3 years since its inception, you could be eligible to apply for a top up to boost your funds again. Our independent equity release advisers will be able to tell you whether you could top up your existing plan or whether there are funds available elsewhere, they will handle all of the paperwork and the application on your behalf.

You have nothing to lose by getting us to review your existing scheme and could even benefit from our reduced interest rates with the providers, even if it’s just to get peace of mind to make sure you do have the best scheme for you!

To understand the features and risks ask for a personalised illustration.

The Right Equity Release Limited which is authorised and regulated by the Financial Services Authority. Registered in England 07166676.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

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