Switching plans calculator
Why switch your lifetime mortgage?
Interest rates on lifetime mortgages are at an all-time low and if you took out your plan a few years ago, you can probably now switch to a better deal. Today’s equity release deals come with many incentives such as free valuations, cashbacks or no application fees – making switching as affordable as possible.
Access more money
If you are considering borrowing more on your current lifetime mortgage, you could ask your currently lender, however it may be advisable to take advantage of the latest interest rates. Therefore, if it’s in your financial best interests, you could repay your current plan and open a new one – borrowing more at the same time.
Use flexible features
The latest lifetime mortgages offer features and benefits that older plans don’t. So, if you are now looking to make voluntary repayments, or want the protection of a guaranteed inheritance or a downsizing protection option – switching to a new plan could prove to save your estate many £1000's over the long term.
If you're moving home, the portability of equity release schemes means you can tranfer your existing plan across with you. However, it's always best to check beforehand whether taking out a new plan could actually offer a better deal - such as a lower interest rate, or one including the flexible options now available.
Our switch plan equity release calculator is easy to use. It helps you create personal scenario's where you can calculate how many years it will take you to ‘break even’ by switching plan, and how much money you could save over the lifetime of your equity release scheme.