Everyone with an Equity Release plan should have their plan reviewed at least every 2 years. This helps ensure you are getting the best deal. Changing plans can save you and your family thousands.
The typical interest rate for an Equity Release product has dropped by 2.25% since 2016*. Meaning an average outstanding Equity Release of £100,000 could save £35,000 over the next 10 years by switching now.
Let us complete a Free, no obligation, review of your Equity Release plan and see how much we can save you.
*source: Equity Release Coucil: Spring market report 2021
Easy 3 Step Process
1. Gather information
Getting the right information is the start of the process. By understanding the plan you have already and knowing what plans are available for you, we can start calculating the benefits of switching. Click the button below to start now!
2. Present the Numbers
Once we have completed your review; we create you a bespoke report of our findings with detail of all the key information and using our specialist software, we can demonstrate exactly the savings you can make.
Graphs and illustrations make this easy to understand and your personal Bright Life Advisor will be able discuss any part in as much detail as you need.
3. Make the Application
Once you are happy with the numbers, we make the application for you. We will be there throughout the process to make sure everything goes as smoothly as possible.
These types of Equity Release normally take 6-8 weeks to complete and we will be there with you every step of the way.
What is an Equity Release Plan Review?
Reviewing your Equity Release Plan regularly is essential to make sure you are getting the best out of your Equity Release. A Plan Review checks your current plan against all current plans available to you. Since rates have dropped signifcantly in recent years, its likley you can get a better rate and start saving.
Once we have found you your new rate, we will demonstrate the savings you can make using our bespoke Plan Review report for you. We will be on hand to discuss asll aspects. We encourage you to share this with your family and can answer any questions they may have.
Is it likely there will be a better rate?
Yes! There has never been a better time to review your Equity Release and doing so could save you and your family thousands.
The number of lenders and plans within the Equity Rleease market has risen dramtically in recent years; driving competition and lowering rates.
This is fantastic news as competition drives down the costs for you; the customer. The typical interest rate for an Equity Release product has dropped by 2.25% since 2016*. Meaning an average outstanding Equity Release of £100,000 could save £35,000 over the next 10 years by switching now.
*Equity Release Coucil: Spring market report 2021
Why do rates change?
Like traditional mortgage rates, Equity release rates change based on several factors. Rates are impacted by the Bank of England base rate and the LIBOR market (where banks lend money from other banks).
Equity Release also tends to favour older borrowers, since you have got older since your initial release, you are likely to be able to take advantage of this.
Equity Release rates are also impacted by the value of your home. The greater the value the better rate you may be entitled to. With house prices hitting an all time high, Equity Release rates have never been so appealing.
Finally, the competition in the Equity Release market has significantly increased. According to the Equity Release Council there are over 750 equity release plans available now; this is 3 times greater than in 2019 and many times greater than before then.
What other benefits are there for Reviewing my Equity Release?
Equity release plans have developed significantly in recent years. As of 2022, all new equity release plans must have a fixed “Early Repayment Charge” and the ability to make payments; this is on top of the “No negative equity guarantee”. You can find out more about these guarantees and the other Standards laid out by the Equity Release Council here: https://www.equityreleasecouncil.com/about/standards/
Bright Life is a proud Member of the Equity Release Council and adheres to the standards, rules and advice delivered by the council.
When completing a Plan Review, you may have the opportunity to also take out additional funds. This can be used for any purpose you wish.
But I still have an Early Repayment Charge on my current plan.
It’s common for people to switch their Equity Release, even when they have an Early Repayment Charge. We will take this charge into consideration when competing your Equity Release Plan Review.
We have fantastic relationships with the Equity Release lenders. In some instances the lender will waiver their Early Repayment Charge. We always aim to investigate this option for you to make sure you are getting the right release for you.
What’s the catch?
There really is no catch with us. We will review your Equity Release plan, establish what the savings could be for you by switching and document this in an easy to read report for you. We give you time to read and understnad the report, and encourage you to discuss and share this with your fmaily. Then when you are ready we will sercure the rate and you and your family can start saving!
Mrs Wright took an equity release plan out at an interest rate of 6.55%, which was a good rate at the time. 5 years later, she asked Bright Life to review this for her as she had seen that rates for equity release had gone down.
After getting more details from Mrs Wright and understanding what options were available, we were able to provide Mrs Wright a new rate of 2.48% and provided her our calculations that showed her family would be about £38,000 better off over just 10 years by switching her plan.
Mrs Wright was delighted at this. Bright Life did all the hard work for Mrs Wright and even put her in touch with a Specialist Solicitor to deal with the legal side. Mrs Wright was super pleased with the result and how easy Bright Life made it for her, she commented that she is glad that she had been able to top her children’s inheritance up so easily.
Who is Bright Life?
Bright Life are an award-winning financial services and estate planning specialist, who work closely with our clients to get them the most suitable financial outcome for them and their family. We are upfront, honest, and experienced. We only charge fees on completion with Equity Release, so getting more information or assessing how switching plans could beneift you and your family is completely free.
We are proud to be members of the Equity Release Council and regulated by the Financial Conduct Authority. We are trusted and respected industry wide.
“There is everything to recommend about Bright Life. It does just that! I didn’t think there was a way out of my particular problem and it was weighing me down, but just one phone call to Bright Life and I was proved wrong. An extremely friendly and helpful service that’s hard to match. Good luck Bright Life, may you go from strength to strength.”
Mrs Wright, Lancashire
How to get started
Its easy to get started, you can do it right now!
Simply complete the form below and we will start putting our Financial Report together to give you a your bespoke “Equity Release Swithcing Report”. We will use the information you have provided to give you real facts figures and advice. It normally takes less than 12 minutes to complete the form and all this information is sent to us automatically and we do not share this with anyone else.
What is included in my free “Equity Release Switiching Report”?
The report will provide you all the information you need to know to make an informed choice about switching your Equity Release plan. We will detail comparisons between the most cost-effective equity release plan currently available to you against the one you currently have. We provide graphs and diagrams to make the information as easy to digest as possible. We detail the benefits and costs of switching, all to make the decision as easy as possible for you.
Still have questions?
Our best advice is to first complete the questionnaire. It only takes around 12 minutes and provides us with plenty of details to make our “Equity Release Switiching Report” accurate, insightful and (best of all) bespoke to you. The Report itself will answer most questions for you, you will also have a Specialist Advisor on hand you can contact via email or call to cover any remaining questions.
You can still contact us by using the Contact Form below or call the office and we would always be happy to speak to you.
Tel: 020 8064 0488
Feel free to get in touch using our contact form below. We are always happy to hear from clients old and new.
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©2020 by Bright Life. Bright Life is a trading style of Mark Wainwright, an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority.