Could you save money or release more cash by switching equity release plans?

If you took out a lifetime mortgage more than a year ago, you may be able to access more cash or bring down your interest charges by switching plans

mature couple checking documents

Why switch my equity release plan?

By its very nature, a lifetime mortgage is typically intended to be something you arrange for life, but you do not have to stay with the same plan or provider for life. In fact, switching could get you a better deal if circumstances have changed since you took out your existing plan.

Shopping around for a more competitive plan could achieve one or more of these goals:

  • Access a more competitive rate
  • Possibly save thousands and leave more to your loved ones 
  • Unlock more tax-free cash from your home
  • Choose a plan with new features 

At Equity Release Wise, we’re passionate about always making sure you are getting the best deal. So why not take advantage of a plan review with our selected equity release advisers? Find out what switching could do for you by calling 0808 178 3055 or request a call back.

Did you know?

As part of the equity release switching service, your adviser will check if you qualify for an enhanced lifetime mortgage. If you have a qualifying medical condition or a history of smoking, for example, you may be able to access lower rates or unlock even more money.

mature couple checking ipad

How does equity release switching work?

It’s become almost routine for many of us to switch car insurance or energy tariffs to make sure we’re getting the best deal. Switching equity release plans works in a similar way, although it should be done with the support of an authorised equity release adviser. 

Equity Release Wise can arrange the advice you need, with access to a free* equity release switching review to see if you could get a better deal. This initial appointment is without any obligation and can take place in your home or over the phone with your friendly expert adviser. 

Our selected advisers will be able to compare your existing plan with what’s available today from leading equity release providers. You may be able to release additional money if your property has increased in value since you took out your current plan. Your increased age and certain medical conditions you may have developed may also qualify you for more money. 

You may also benefit from lower interest rates if rates are currently more favourable than when you took out your plan. Finally, you’ll learn about new plan features that could benefit you and your loved ones. Features such as interest payment plans and inheritance protection are just some options you might want to consider.

Speak to a member of our friendly team today and book your no-obligation review by calling 0808 178 3055 or request a call back. If your adviser finds that you are already on the best plan, they will tell you. It costs nothing to find out, so there’s nothing to lose by booking your review.


Could I save money by switching lifetime mortgage plans?

Whether you or your dependents could save money by switching plans will of course depend on individual circumstances such as your current lifetime mortgage rate and the size of your borrowing. If you took out your existing plan when lifetime mortgage interest rates were higher than they are today, you may be able to get a better deal by switching.

Lifetime mortgage rates fell in the years following 2016, although the market has seen rate rises recently in line with the general increase in interest rates. Our selected advisers will be able to review your situation and let you know whether you can get a better deal by switching. They will look at your current rate and compare it with what’s available today.

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Elegibility document illustration

Am I eligible to switch equity release plans?

If you’ve had your equity release lifetime mortgage plan for one year or more then the good news is that you may be able to switch to a better deal. Whether you are eligible and whether it makes sense to switch will depend on your existing arrangement.  

At your review appointment, one of our carefully selected advisers will be able to tell you if you’re eligible and if there’s a more competitive deal available. If there is, they will be able to arrange everything for you – it really couldn’t be easier.

Check your eligibility

Call us on 0808 178 3055 and we’ll arrange a free, no-obligation appointment and equity release switching advice* from a specialist who will confirm whether you are eligible. If you’re unable to talk now, request a call back and we’ll call when it’s convenient to you.

Call 0808 178 3055 for a plan review

Which companies could switching equity release providers involve?

With a competitive equity release market in the UK and a number of companies offering lifetime mortgages, switching equity release providers could bring you a better deal. Our selected advisers will search across plans from leading equity release providers to establish which deals are best for you. 

Here are some of the leading providers that your search will compare. They are all authorised and regulated by the Financial Conduct Authority and are also members of the Equity Release Council.

aviva logo
canada life logo
just logo
pure retirement logo
crown equity release logo

Answering your questions

Still unsure of a few things? We’ve got you covered with answers to some of our most frequently asked questions.

  • How much more money could I unlock by switching equity release plans?

      How much more you could release is based on your individual circumstances. For instance, you may be able to unlock a higher percentage of your home simply due to being older now than when you arranged your plan. 

      If you’ve developed a health condition since you arranged your plan, you may now qualify for an enhanced lifetime mortgage. This could mean you can unlock even more money when you switch equity release plans. Enhanced plans consider the number and severity of qualifying medical conditions, your lifestyle factors and property value. Your adviser will be able to work out if you qualify for enhanced terms during your initial appointment.

      As your maximum cash release amount is personalised to you, speaking to one of our carefully selected advisers will help to ensure you get the best deal possible from a range of leading providers.

  • What costs are involved with switching equity release plans?

      Just as with a normal residential mortgage, you should be aware of costs involved in setting up a new equity release plan. Your adviser will make sure you understand these in full before you decide whether to take out a new plan, but below is a summary.

      Your new lender will typically charge valuation, arrangement and completion fees, with further fees payable to the solicitor who acts for you. Some of these fees can be paid from the money you borrow, so you may not have to worry about finding them from your existing savings. 

      Our selected advisers naturally charge an advice fee – but remember that any initial advice or information you receive from them is completely free and without obligation. You only pay them a fee if you apply AND your case completes.

      Once a new plan is taken out, there aren’t normally any fees. One exception is an early repayment charge that some lenders request if some or all of your lifetime mortgage is paid off before you pass away or move into long-term care. Your existing equity release provider may make this charge when you switch plans.

  • Can I switch my equity release plan to a new home?

      If you’re moving home, you could either port (move) your existing plan or get a new deal. Some equity release plans will allow you to port your lifetime mortgage to your new home. However, it’s important to look at all the options available to you to see if you’re getting the best deal for you, and this is something our selected advisers can do for you.

  • What are the potential risks of a lifetime mortgage?

      A lifetime mortgage has worked for thousands of over 55s in need of tax-free cash. If you are thinking about switching equity release plans and potentially unlocking more money, it’s important to understand the lifetime mortgage pros and cons before deciding. Here are some drawbacks of equity release that your adviser will fully explain to you: 


      • Interest is rolled up and added to the amount you owe each month. The amount owed therefore increases and reduces any equity left in your home when the plan ends. Some plans allow you to offset this by making monthly interest payments with an interest only lifetime mortgage.
      • Although there are plans that allow you to ring-fence a percentage of your home’s value for your loved ones in the future, the inheritance you leave to loved ones will still be reduced by equity release.
      • If you give some of the money you release to family as a gift, they may be liable to pay inheritance tax in the future. Your adviser will explain this to you during your free initial appointment.
      • Equity release is usually a lifetime commitment, so you may incur early repayment fees if you choose to pay back all or some of the loan early.

      Borrowing money through a lifetime mortgage may affect your entitlement to some means-tested state benefits. During your appointment with one of our selected equity release advisers, they will help you establish whether your benefits could be affected.

Not taken out an equity release plan yet?

If you haven’t taken out an equity release plan yet, you can read about your options below or talk about your situation with one of our selected advisers so that you can get the best solution for you:

Product lump sum icon

Lump sum lifetime mortgage

Access a tax-free cash lump sum if you’re a homeowner aged 55 or over. You retain full ownership and can stay at home until you pass away or move into long-term care.

Read more about lump sum lifetime mortgage plans
Product drawdown icon

Drawdown lifetime mortgage

Instead of making a one-off cash withdrawal, you take an initial cash sum and additional funds as and when you need them. This helps to reduce the total interest you pay.

Learn more about drawdown lifetime mortgage plans
Product interest only icon

Interest-only lifetime mortgage

A more cost-effective method of equity release where you make voluntary interest payments to reduce or prevent compound interest building up.

Discover more about interest-only lifetime mortgage plans
Product enhanced icon

Enhanced lifetime mortgage

Certain health conditions or lifestyle factors could qualify you for higher cash releases or lower interest rates. A simple questionnaire is all that’s needed to check eligibility.

Read more about enhanced lifetime mortgage plans
Product second home icon

Second home lifetime mortgage

If you have a second home you may be able to secure a lifetime mortgage against it, or make your dream of a second home come true with a release from your main residence.

Read more about second home lifetime mortgage plans
Product buy to let icon

Buy-to-let lifetime mortgage

These specialist plans could enable you to release equity from a buy-to-let property, or to use the wealth in your home to help you make a buy-to-let investment.

Read more about buy to let lifetime mortgage plans

Another, much less common form of equity release may be a more suitable alternative to a lifetime mortgage. A home reversion plan is a type of equity release where you sell all or part of your property at less than market value in return for a lump sum, a regular income, or both. You stay in your home as a tenant, paying no rent, until you pass away or move into long-term care.

Still have questions?

We hope this information has been useful. To find out more or arrange a consultation with an adviser, please call or request a call back and we’ll be happy to help further.

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Let us help with your questions or arrange a quote.

Call 0808 178 3055
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+ Client testimonials refer to the service provided by our selected equity release advisers. We have changed the clients’ names and certain identifying information to protect their privacy.

Please note that equity release will involve a home reversion or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. To fully understand the features and risks, ask for a personalised illustration. Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long term care.