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I think you’ll agree with me when I say:

It’s REALLY hard to find equity release switching plans with all the choices available.

Or is it?

Get the best interest-only mortgage quote today.

Have you been paying heft interest rates on your current equity release1 mortgage? Are you thinking about switching equity release plans but don’t know how to go by it?

Well, you’re not alone. If you took out equity release schemes a few years back, then you probably want to switch it up for some of the latest equity release products since they offer you several incentives like free valuations, cashbacks2 or no application fees.

So, for those who might be in the dark, why is it vital to change your lifetime mortgage plan and how much will you get after switching them out?

Well, lucky for you, the voluntary repayment lifetime mortgage can help you do this. The mortgage scheme is a relatively recent innovation in the equity release market, and it can offer you flexibility in how you manage your equity release scheme’s balance in the future. It’s because they enable you to repay up to 15% of your original balance every year – whenever you want to and have the finances available to do so.

If you can make some form of monthly, annual or ad hoc repayment2, then the effect on the ultimate amount that you’ll have to repay when your equity release plan ends will be significant.

So, how can you figure out the amount of cash you can save up with the voluntary repayment plan? Well, you can do so by using the voluntary repayment calculator and here’s a detailed guide on it.

Well, like any other financial product, there are several costs associated with switching an equity release plan, and so you need to weigh your option before taking the next step.

The first factor you need to look into is the early repayment charges3 (ERCs). Older mortgage schemes have significant ERCs as they weren’t designed to be repaid early. Your financial expert will look through these as they could mean that it’s not in your best interest to change your loan plans now.

You also need to consider the costs involved. Setting up a new equity release scheme will incur potential expenses. The associated costs will vary based on the loan you want to switch to, but as per various equity release experts, they could cost you up to £2,000.

Lastly, you need to consider interest rates. If you do switch your lifetime mortgage, you’ll continue to incur daily interest your current mortgage while your application is in progress. Your financial consultant can help factor in a further 60 days interest when calculating the precise amount needed on the application. You can also consider equity release as an alternative, and if you’re wondering: “How much equity can I release?” all you have to do is use our calculator.

Did You Know? A homeowner over 55 unlocks £91,667 tax-free cash every 12 minutes in the UK.

Got Questions? Check These First

What’s Equity Release?

Can You Switch Your Equity Release Plan?

How Can You Calculate the Amount You’ll Get after Switching Your Equity Release Plan?

Can You Take Out Equity Release More Than Once?

How Do You Use the Equity Release Switching Plans Calculator?

How Much Can You Release?

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Equity Release Calculator

Value of Your Home?

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It's VERY FAST, takes just 8 seconds

What people say

You are the best. You delivered what you mentioned you would that was much better than anybody else. I can not rate you highly enough!!
Brenden
Brenden
SovereignBoss client
I'd like to commend the excellent support we received from you guys in our recent equity release application, which proceeded faster than we could have hoped. Thank you so much.
Margaret
Margaret Doyle
SovereignBoss client
I have to say my experience with SovereignBoss was positive from start to finish. The level of customer service I received from John was simply outstanding, thank you!
janus
Janus Kern
SovereignBoss client

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HOW MUCH EQUITY CAN YOU RELEASE?

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How Much Can You Release?

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