Considering Changing an Existing Equity Release Plan?

Homeowners that took out an Equity Release plan more than five years ago could benefit from a review, says Bower, to see if they could save money by switching to a plan with a lower interest rate.

Because Equity Release has become increasingly popular over the past few years, the choice of plans has grown. As a result of the heightened competition, interest rates on some plans have been pushed down. Geoff Charles, Managing Director of Bower, has this to say: ‘Even the smallest decrease in percentage could have a considerable effect on the amount of interest that accumulates in the future. Homeowners who released cash from their homes more than five years ago could well benefit from a review to find out whether savings could be made.’

Even if a plan has early repayment charges it could still prove beneficial to move to a plan with a lower interest rate.

Geoff Charles, who is an Equity Release Specialist, says: ‘Homeowners who would like to find out whether it would be worth their while changing to a new plan are welcome to contact us and we will help by providing independent financial advice and an in-depth explanation of everything involved in making the change.’

Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the south of England. For more information e-mail customer.services@bowerretirement.co.uk or call 0800 411 8668. Bower offers a free, no obligation initial consultation to homeowners considering Equity Release.