One year on: the success of the voluntary payment guarantee
Equity release customers have had the right to make penalty-free partial repayments on their plans for over a year now – with £102 million paid off this way already according to Equity Release Council figures.
The Council has reported that over 91,000 homeowners made 190,374 payments during 2022 alone – that’s a 48% increase on the previous year. In addition to reducing their overall loans, they’ll collectively save millions of pounds in future interest costs.
If you’ve been wondering “can I repay equity release early?” then this article is an ideal starting point. We’ll be exploring the option of partial payments and how you could potentially save thousands of pounds in interest; plus other ways you could pay back equity release early.
Read on to understand more about:
- How does equity release work?
- What are equity release voluntary partial payments?
- The benefit of making voluntary partial payments.
- Equity release: can I pay it back with partial payments?
- Examples of providers’ partial payment limits.
- What other equity release payment options do I have?
- How to explore equity release further.
For further information about equity release, call us on 0800 096 2215 or request a call back and we’ll connect you with an adviser. Alternatively, check your eligibility and get an initial indication of how much tax-free cash you could unlock.