Already have an equity release plan?

Interest rates on equityThe cash value remaining in your home when all outstanding secured debts have been paid.  release plans have dropped in recent years so, you could potentially benefit from swapping your current equity release plan to a more competitive one.

Swapping your plan to one with a lower interest rate can considerably reduce the total amount of interest that you will pay. You could be better off, even if there are early repayment chargesAs many equity release plans have interest rates which are fixed for life, a penalty may be levied by the lender if the loan is repaid before you and your partner either pass away or move into long-term care.Details of the early repayment charges specific to an individual plan will form part of your personalised illustration. .

The table below illustrates a comparison based on a lump sum lifetime mortgage between the lowest rate available in March 2004 compared to the lowest rate available in March 2014.

Could you save money by switching plans?

£59,000 borrowed

Interest rate

Total amount owing after:

  5 years 10 years 17 years
2004 6.75% £82,607 £115,659 £185,271
2014 5.59% £77,440 £101,644 £148,744
Save by switching: £5,167 £14,015 £36,527

This table is for illustration purposes only. The actual rate will depend on your circumstances.

Even if your plan has some early repayment charges, changing to an equity release plan with a lower interest rate could prove more financially beneficial than sticking with your current plan.

If you do decide to swap plans, our dedicated team will take the hassle out of the transaction by looking after the whole process for you, from start to finish.

Apply for a top up

 If it’s been five years or more since you first took out an equity release plan, you could be eligible to apply for a top up to boost your funds again.

One of our independent equity release advisers will be able to tell you over the phone whether you may be able to top up your equity release.

They can then handle all of the paperwork and the application on your behalf. They’ll even talk to your provider and solicitor to try to speed up the process, ensuring you receive your money as soon as possible.


At Key, we do all the research for you and will find out whether it’s financially beneficial for you to change your lifetime mortgage.

Call our dedicated switching team today on: 0808 915 4717

This is an equity release plan. To understand the features and risks ask for a personalised illustrationThis is a document which sets out the details of your recommended plan as they apply to you, alongside the associated terms and conditions. .

If you are considering equity release we recommend that you read through is it right for you? carefully.