Age Partnership launches equity release switching service

The switching service reviews existing equity release cases to see whether terms can be improved. The service is open to anyone with a plan over 12 months old across the whole of the equity release market, regardless of which lender or broker arranged the original loan.

According to data from Moneyfacts, there are now more than 488 equity release plans on the market, meaning more choice for people who arranged their plans several years ago.

Age Partnership says that even if the original mortgage has an early repayment charge, the fall in interest rates could mean that it still makes financial sense to switch over the lifetime of the mortgage.

Steve Auckland, CEO of Age Partnership, said: “We passionately believe in achieving the best result in the market by thoroughly reviewing your existing plan, free of charge and with no obligation for you to proceed.

“No one should be stuck on a historic high rate thinking they have nowhere to turn for help. Rates are towards the lowest they have ever been, so someone who arranged a plan only a few years ago on a rate of 6% can potentially switch to below 3% and save thousands of pounds over their life expectancy.

“All our circumstances change, and this service ensures you have the best plan to fit your current requirements. We want to help as many people as possible.

“We just want people to know that they may have options available to them. If switching plans isn’t the right thing for them at this moment in time, it may be viable in the future. It costs nothing to find out and as rates change, we could be in touch with better options months down the line.”