Existing Equity Release Review

When to consider a review of your current plan:

• You want to take more money from your home
• You have a drawdown plan and are unsure what remains
• You want fresh specialist advice or your adviser is no longer in contact
• Your home value may have increased
• You want to understand your remaining equity
• You want to check whether switching could help
• You want to discuss family, inheritance or care planning implications

What We Can Review For You

If you already have a lifetime mortgage, a review can help you understand where you stand and what options may be available now. Our specialists can look at your current lender and the type of plan you have in place, including whether it is a lump sum or drawdown lifetime mortgage. We can check if you still have funds available in your drawdown reserve and whether taking further money from the plan is possible.

We also review whether a further advance could be available, what early repayment charges may apply and how your current interest rate and product features compare with what is available today. If your plan includes inheritance protection or voluntary repayment features, we can explain how these work and whether they still suit your goals.

If it is worth exploring, we can look at whether your current plan still works well for you or whether another option could be a better fit. The aim is to give you a clear, simple view of where you stand and what you could do next.

Can You Switch an Existing Lifetime Mortgage?

Yes, in some cases you may be able to switch an existing lifetime mortgage, but it depends on your circumstances and your current plan.

A switch may be worth exploring if your needs have changed, your property value has increased, your current plan feels restrictive, or you want to look at features that were not available when you originally took the mortgage out. In some cases, switching could help you access greater flexibility or a more suitable product. In others, early repayment charges or plan terms may mean staying where you are is the better option.

Before making any changes, it is important to and conduct a proper review and look at your lender, your current balance, any penalties, your age, health, property value and what you want the plan to achieve from here. We can help you understand whether switching is realistic, whether taking further funds from your existing plan is more simple, or whether another route may be more appropriate.

Why Speak to a Specialist if You Already Have a Plan?

Even if you already have a lifetime mortgage in place, it is still worth speaking to a specialist.

Later life lending can be complex, especially if you are thinking about taking more funds, reviewing your current plan, or looking at whether switching is possible. Speaking to an expert and FCA regulated adviser, will help you understand the costs, risks, features and alternatives in simple terms, so you can make a more informed decision.

A specialist can also help you look at the wider picture, including your future plans, your family, and whether your current arrangement still works for you. Where appropriate, this may include whole-of-market lifetime mortgage advice, a clear explanation of your options, and a transparent view of any fees involved before you decide what to do next.

Frequently Asked Questions:

Can you switch a lifetime mortgage?

Yes, in some cases you may be able to switch a lifetime mortgage. This will depend on your current plan, any early repayment charges, your property, and what you want to achieve. A review can help you understand whether switching is realistic and whether it is likely to be worthwhile.

Can you get a better rate on an existing equity release plan?

Possibly. Some homeowners find that newer products offer different rates or more flexible features than the plan they originally took out. However, any potential benefit needs to be weighed against costs, charges and your current circumstances.

Can you take more money from a drawdown lifetime mortgage?

If your plan includes a drawdown facility and you still have funds available, you may be able to take more money from it. This will depend on the terms of your plan and your lender’s process.

What is a further advance on a lifetime mortgage?

A further advance is extra borrowing taken on top of your existing lifetime mortgage. It is usually arranged with your current lender, subject to their criteria and approval.

Will I pay early repayment charges if I switch?

You might. Some lifetime mortgages include early repayment charges, and these can affect whether switching is practical or cost-effective. This is one of the key things to check before making any changes.

Can I review a lifetime mortgage if my original adviser has gone?

Yes. If your original adviser is no longer available or you have not had ongoing support for some time, you can still ask a specialist to review your existing plan and explain your options.

How do I find out how much equity is left in my home?

This usually involves looking at your estimated property value, your current mortgage balance, and the interest that has built up over time. A review can help you get a clearer idea of your current position.

Is taking more money from equity release always the best option?

Not always. Taking more money may be suitable in some cases, but it is important to look at the long-term effect on your remaining equity, future flexibility, and inheritance plans before going ahead.