Equity release advisory firm Age Partnership has launched a switching service, consisting of a team of 12 advisers who will review existing equity release plans.
The team reviews equity release cases to see whether terms can be improved to save money over the lifespan of the plans.
Anyone with a plan of over 12 months can access the service, regardless of which lender of broker organised the original loan.
Steve Auckland, chief executive officer of Age Partnership, said: “We passionately believe in achieving the best result in the market by thoroughly reviewing your existing plan, free of charge and with no obligation for you to proceed.
“No one should be stuck on a historic high rate thinking they have nowhere to turn for help. Rates are towards the lowest they have ever been, so someone who arranged a plan only a few years ago on a rate of 6 per cent can potentially switch to below 3 per cent and save thousands of pounds over their life expectancy.
“All our circumstances change, and this service ensures you have the best plan to fit your current requirements. We want to help as many people as possible.”
There are more than 488 equity release plans on the market, according to data from Moneyfacts,
Age Partnership said switching plans is not appropriate for everyone – for example those with high loan-to-value, or early repayment charges on the original loan, prohibit a cost-effective option.
However, the firm is encouraging those with plans older than 12 months to review them.
Age Partnership will need permission to access the original loan details and its advisers can then find out the necessary information from the lender.
Auckland said: “We just want people to know that they may have options available to them. If switching plans isn’t the right thing for them at this moment in time, it may be viable in the future. It costs nothing to find out and as rates change, we could be in touch with better options months down the line.”
Ruth Gillbe is a freelance reporter for FTAdviser