Switching your current Equity Release plan

Modern lifetime mortgages are much more flexible and if your situation has changed, there may be a new lifetime mortgage deal that suits your current situation better. 

Your options could include:

Interest repayment: If you would like to repay some or all of the interest so there could be more equity to leave as an inheritance to your loved ones, modern lifetime mortgages now have the ability for you to do so. 

No negative equity guarantee. Historic equity release plans did not have this protection in place. If you have a plan without this guarantee in place, and a high interest rate there is the strong possibility of your estate being in negative equity. By switching your balance to a new modern lifetime mortgage deal you will never owe more than the property is worth. 

How can I find out more about switching my equity release plan? 

If you feel that switching could benefit you, the next step is to find out the options available to you. 

Mortgage with Clarity are Independent and Whole of Market which means we will search the whole market, considering the elements of your existing policy and your current and future circumstances to find the best deal for you. 

There may be an early repayment charge to move deals and the cost of this will be compared against the savings achieved with the new deal. 

We will tell you honestly if switching is the most cost-effective option for you. 

Another great source of information is The Equity Release Council’s website. The Equity Release Council represents the equity release sector and exists to promote high standards of conduct and practice in the provision of and advice on equity release which have consumer safeguards at its heart.

It is important that the Adviser that you choose to help you explore your later life lending options is a trusted member of The Equity Release Council. You can check this out on their website here https://www.equityreleasecouncil.com

A lifetime mortgage is a loan secured against your property. 

Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits. 

If you are at the stage where you would like to find out more about the deals available to you then we would be happy to help.

You can also read our blog here re the importance of using a whole of market equity release advisor 

Please contact us on 0800 2335599 or email samibickford@claritywm.co.uk