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If you have an existing equity release plan, you may have a high interest rate so it’s a good idea to check if you could switch your plan and potentially save thousands. Some companies, such as Prudential, Aviva, More2Life and Just Retirement, who have previously sold equity release no longer offer the product and will not be able to offer you the option of a better deal. That’s where we come in, we can help you check your plan and help you save money by switching.
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Mr & Mrs Nugent took out a lifetime mortgage 5 years ago.
At that time they were asset rich and cash poor with a desire to suppliement their income for social and leisure purposes.
This led to the arrangement of a drawdown plan.
5 years later they decided to downsize and in doing so they repaid part of their loan but retained some to supplement their income, although at a lower level. As they advanced in age their social and leisure activities declined
As interest rates had dropped considerably we switched them to a plan at a much lower interest rate that would save £78,000 over 15 years. It also gave them the option to make voluntary payments which they were able to do over time as their income reduced.
By switching your provider to Bower Retirement you could potentially save thousands, just like Mr & Mrs Nugent in our case study who would save £78,000 over 15 years. By staying with your provider and existing plan on a high rate, your interest could accrue to a much larger amount than if you switch to a plan with a lower rate. Here at Bower, we are independent and have access to the whole market so may be able to find you a much better deal and save you money. Let us check your plan today so you can start saving money.
For those of you who have a plan with Prudential or Aviva, these lenders no longer offer equity release and will not be able to renegotiate on plan prices. So if you want to change your existing plan let us take a look and see if we can help you switch today.