Retired Homeowners could save £300 million by switching equity release plans
Mail online have reported that UK pensioners with an existing equity release scheme could save up to £300 million collectively by switching to an alternative plan at a lower interest rate.
See if you can save by switching your existing equity release plan
Equity release rates are fixed for life and have reduced over the past few years from around 8% to approximately 6%. The site claims that customers who have loans with the longest established lenders such as, Northern Rock and Mortgage Express could gain significantly by switching. It is estimated that approximately 10,000 pensioners could save up to £30,000 in interest payments over a 15 year period by switching their current equity release plan to one with a lower interest rate.
If you have an existing equity release plan and would like advice on whether it would be beneficial to switch to an alternative provider call one of our experienced equity release advisors on 08080 27 27 27.
For no-obligation advice on whether equity release could help you and information on the best plans please call our 24 hour helpline and speak to one of our advisors:
Or use the comments box below to ask a question.
Equity Release may involve a Lifetime Mortgage or Home Reversion Plan. To understand the features and risks ask for a personalised illustration.
Age Partnership provides initial advice at no cost and without obligation. Only if you choose to proceed and your equity release case completes would a typical fee of 1.5% of the amount released or £795 be payable.
Important things to consider about equity release:
- Equity release could affect your current or future entitlement to means-tested benefits
- Releasing equity to spend in your lifetime can reduce the amount that is left in your estate when you pass away
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