Age Partnership has launched a switching service, made up of more than 12 specialist advisers, which reviews existing equity release cases to see whether terms can be improved.
The service is open to anyone with a plan more than 12 months old across the whole of the equity release market, regardless of which lender or broker arranged the original loan.
According to data from Moneyfacts, there are now more than 488 equity release plans on the market, meaning more choice for people who arranged their plans several years ago.
Steve Auckland, chief executive at 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% can potentially switch to below 3% 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.
“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.”