Ensuring you choose the Right Equity Release

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Review your existing Equity Release

Do you currently have an existing equity release plan, if so, ask yourself one question.

Have you ever had it reviewed?

Equity release plans have been around in their current format for the last 15 years. Many plans were sold on the basis of the policy being a loan for life to be repaid on death or long term care disablement. Historically the interest rates were very high in comparison to current lower fixed rates, loan to values were low, so smaller loans available compared to the healthier loan to values available currently. The new plans offer a greater deal of flexibility which was not available before as contracts have evolved over time.

Reviewing your existing contract is an essential part of equity release planning:

You could reduce your existing interest rate, thus reducing the final outstanding balance of your loan. This would mean higher future loans for you or a larger inheritance for your beneficiaries.
A higher loan to value available, enabling you to borrow further funds now.
Greater flexibility such as having a drawdown facility.
Improved terms and conditions.

Change to a more competitive equity release scheme

By remortgaging to a more competitive equity release scheme, you could considerably reduce the amount of interest which accumulates in the future. Below is a table which illustrates the potential savings to your estate based on a £70000 loan.

Amount borrowed	Lifetime Mortgage interest rate	Total amount owning after
		5 years	10 years	15 years
£70,000	8.20%	£103,809	£153,947	£228,301
£70,000	6.59%	£96,311	£132,514	£182,324
	Save by switching	£7,498	£21,433	£45,977

Even if your plan has early repayment charges, changing to an equity release plan with a lower interest rate could prove more beneficial than sticking with your current equity release plan. Our specialists can advise you whether it would be beneficial for you to switch your existing high interest lifetime mortgage to a lower lifetime fixed rate.

We offer a free review service where one of our specially trained advisors will review your existing contract in order to see if it can be improved on. Like normal mortgages it is possible to remortgage your existing plan to another provider under better terms i.e. lower interest rates.

Contact us for more information.

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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