Equity Release Re-mortgage
If you took out an equity release plan even a few years ago, you may have a scheme, which has a considerably higher fixed rate than is currently available.
If so you or your beneficiaries may be unwittingly losing more equity in your home than necessary.
What can I do about it?
Well just like you may have done in the past with your ordinary mortgage, simply by considering switching the balance on your current out of date scheme, to a more up to date new one you may be able to: -
Considerably reduce the amount of interest which may have accumulated by the time your plan finally finishes
Inevitably such re-mortgaging will incur you in some new costs including some if not all of the following: -
- New Valuation fee.
- Legal fees.
- Our Advice fee. - Please see our Initial Disclosure Document
- New lenders Arrangement Fees.
- Possible Early Repayment Charges to come out of your existing scheme.
- Deeds Release Fees and Admin fee charged by your current lender to finalise your existing deal.
Which will reduce some of the savings made. That's why before recommending any switch we would fully investigate the savings to be made and give you a full re-mortgage analysis for you to consider. Nevertheless should you have no reason to believe that any new plan arranged would end prematurely, considerable savings could be made.
Get more money -even if your existing lender has been unable to help you, as some new lenders are willing to lend a higher percentage of your home than some older schemes. Please note we strongly suggest that you do not take further money unless necessary, as this will only leave less money to look after yourself later in life, or leave to beneficiaries.
If you would like to investigate re-mortgaging your existing equity release plan, please complete our dedicated re-mortgage enquiry form and we will call you back as soon as possible.
"Equity release" includes home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.