We use some essential cookies to make our website work properly.
We’d also like to set additional cookies to help us improve our website, tailor marketing and provide a more personal experience.
Can I switch my equity release plan?
While a lifetime mortgage is designed to run for the rest of your life, you may be able to switch your equity release plan like with a traditional residential mortgage.
ⓘ Our equity release advice relates to Key's range of lifetime mortgages only - loans secured against your home.
Why switch your equity release plan?
Switching your equity release plan could be a way to unlock more funds or potentially save thousands if a lower interest rate is now available. This could help you take control of your retirement finances.
You should keep early repayment charges in mind too if you're thinking of switching your equity release plan. Your adviser will discuss this with you if you're thinking about switching your equity release plan.
House price increases could allow you to release more tax-free cash
-
You may be surprised how much your property's value has increased since you took your equity release plan out
-
This could mean you have more home equity available to access as tax-free cash
-
This could help boost your retirement finances now or in the future
Take advantage of the latest features
Different equity release plans come with a variety of features that you may or may not wish to take advantage of. There may be features such as downsizing protection that may not be a feature of your current plan. If this is the case, you may be able to switch to unlock these additional benefits. You may also be able to qualify for an enhanced plan, if you have qualifying health conditions, giving you access to more cash at different rates.
All Key lifetime mortgages have the following features:
ⓘ Be financially aware. A lifetime mortgage may leave limited or no equity remaining in your property and will reduce your financial options in the future.
Benefits and drawbacks of equity release
Like when you started your lifetime mortgage, it's important to understand the benefits and drawbacks of equity release.
Video transcript (pdf)
Why choose Key Equity Release?
Key is a specialist, award-winning equity release provider for the over 55s. We could turn your property wealth into a way to help fund your retirement. We research all later life mortgage options and provide trusted, expert advice that's personal to you.
ⓘ Our £1,299 advice fee is only payable if you go ahead with an equity release switch.
How to switch your equity release plan
Page last updated: Monday 23 December 2024