CAN YOU SWITCH YOUR CURRENT EQUITY RELEASE PLAN?

Yes, you can always switch your current equity release plan. You must switch your plan because staying with any equity release scheme that you might have purchased years ago, when interest rates were much higher and plans were much more inflexible than they are nowadays, can seriously affect yours and your family’s wealth.

So, for the betterment of yourself and your beneficiaries, it becomes your duty to at least review your existing equity release scheme and consider switching, otherwise known as, remortgaging to a better scheme.

WHAT ARE THE BENEFITS IN REMORTGAGING YOUR EQUITY RELEASE SCHEME?

Once you remortgage your old and expensive equity release plan, you will be able to enjoy more benefits from:

• Cheaper interest rates and thereby save your estate thousands of pounds.
• Through downsizing protection, married homeowners can repay their mortgage without incurring Early Repayment Charges, in case they choose to downsize when either one of them dies or moves into care.
• Drawdown schemes allow you to agree on a maximum facility but only borrow now just what you need to re-mortgage, helping you to preserve even more equity.

HAVE YOU EVER REVIEWED YOUR PLAN?

If your answer is no, then you may either have thought that you can’t or you may be worried about the cost. Did you know continuing your old expensive plan can seriously damage your future ability to help your own care or your beneficiaries? Just a saving of 1% could save your children thousands of pounds!

So whether you or your parents have an existing equity release scheme, please allow us to review it for FREE. Start saving money today. Simply fill in the FREE Equity Remortgage Request form.

WILL I PAY A FEE TO SWITC OR REMORTGAGE?

Yes, however, there are many new plans offering –

• FREE valuations and FREE arrangement fees
• Some small CASHBACK

New advice and legal fees won’t cost you much. Even if your old scheme will apply an Early Repayment Charge, with the savings in interest rates, these charges are quickly recovered. When advising, we will be taking all these costs into account.

Equity Release Remortgages UK

If you have already taken an equity release plan a long time ago, it is very likely that you have been charged with a high rate of interest. Hence, it is a good idea to review your plan and check if you can take benefit of equity release loan remortgage by switching to a new equity release plan that could save you thousands. Equity Release 4 You understands the importance of reviewing your current equity release scheme on a regular basis. The only aim is to provide you with the best possible deal that ensures maximum benefits.

Why Review Your Existing Equity Plan?

Equity release has been around for more than 15 years, and of course, the things have changed since then. We have witnessed significant changes over the past years in the equity release industry. Earlier, the interest rates were higher and the amount you can borrow was much lesser. However, today the interest rates have reduced and the cash you can withdraw has increased, allowing you to enjoy more flexibility than before. Both existing and newer applicants can avail the benefits when they remortgage with equity release.

How Does Remortgage Release Equity Works?

When you plan to remortgage to release equity buy to let in the UK, it requires a considerable amount of expertise and knowledge to understand all the calculations involved with how to release equity mortgage. Firstly, we need to understand your existing equity release plan, such as lending company name, the rate of interest, outstanding balance and so on. Once we ascertain your status, we can proceed to remortgage equity release in the UK.

Then after, we will use a remortgage to release equity calculator to analyse your current situation and see a projection of your future balance, which is usually over the next 15 years while also considering your age. We would come up with a potential new equity release scheme with the initial point being the balance of the existing plan, new setup fees and any other charge that has incurred.

Even if your existing plan has some early repayment charges, switching to a new equity release plan with a lower rate of interest could turn out more beneficial financially. If you decide to change plans, our expert advisers will take all the hassle out of taking out equity release from start to end.

What are the Advantages of Equity Release Remortgage UK?

Save thousands of pounds on switching

If you are already active on an equity release plan that you have taken a long time ago, the rate of interest may not be competitive as compared to the current rate of interest. With lower interest rates, you will have to pay less interest over time, which could save you heaps of money.

Take out more cash

Over the years, the value of your investment property has increased. This may enable you to borrow more against your property schemes. Moreover, you must be older now, so you can borrow more. The amount of money that you can release can further be enhanced if you have a health condition.

Access to the latest features

The equity release plans have evolved with time. Many new and better plans have introduced. If you are active on the old plan, you may not have access to the new features, such as downsizing protection and inheritance protection. Hence, you must remortgage to equity release in order to unlock maximum benefits.

Why Choose Us for Equity Release When Remortgaging?

Getting your equity release or remortgage plan is a vital part of financial planning. That is why Equity Release 4 You is here to help you review your current equity release plan at completely free of cost. When you discuss your existing equity release scheme, our qualified advisers will scour the whole market, so you can release equity buy to let from house remortgage at the best rate.

Our experts will advise you on more than just remortgaging. They will guide you on how to move to another provider for a low rate or how you can withdraw more funds from your existing provider. However, if you choose Equity Release 4 You, we assure you to offer the lowest possible rate of interest as well as let you borrow a higher sum of money.

Moreover, when it comes to switching to a new equity release plan, there are a number of options available in the market today. Not only we provide a range of equity release schemes at the best possible interest rate, but our advisers will also assist you on which plan to choose based on your requirements. In some cases, they could also advise you in releasing equity without remortgaging. Our ultimate aim is to help you switch to a plan that is advantageous to you and your family.

Things to Keep in Mind Before Switching Your Equity Plan

Check all the available options before finalising one

The decision to choose an equity release plan is very important and  you shouldn’t take it lightly. When you consider all the options, you can either choose a plan with a lower interest rate or one that unlocks a huge sum of money.

Only withdraw money you need

Make a list of your spending plans, and borrow only what you need. You certainly wouldn’t like to pay interest for the money you don’t need. If you feel you will need money in the future, the drawdown lifetime mortgage lets you withdraw funds as and when you need. The interest will be charged only on the amount you withdraw.

Don’t decide without receiving impartial advice

Seek advice from our certified and dedicated advisers who are knowledgeable enough to provide impartial advice. Our team is backed by years of experience to offer advice that is beneficial for you.

Involve your family members in your decision

Equity release is quite a big deal, so it is strongly recommended that you don’t make this decision alone. Discuss your future plans with your family and let them know how much inheritance you want to leave for them. If you don’t wish to involve your family members, we suggest that you at least discuss with a trusted friend.   

Get in touch with us today if you are looking to switch to a better equity release plan and save thousands of pounds. 

Please contact us today to find out more.