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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.
ⓘ All our equity release advice relates to lifetime mortgages - a loan 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
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You may be surprised how much your property's value has increased since you took your equity release plan out
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This could mean you have more home equity available to access as tax-free cash
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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 lifetime mortgages we recommend 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 as your equity release provider?
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 equity release advice that's personal to you. We can also help you on switching equity release providers.
ⓘ Key’s initial consultation is free with no obligation to proceed. Our £1,699 advice fee is only payable if you go ahead with an equity release switch.
How to switch your equity release plan
With Key, we’ll walk you through the following steps to help you switch equity release plans:
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We carry out a free review to check if we can get you a better deal.
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We’ll then talk to your existing lender, get all the details and compare it to current plans available
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Our equity release advisers compare products to find the best equity release plan for you.
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They’ll discuss all the options available to you
Switching equity release plans FAQs
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Potential lower interest rates; you’ll accrue less interest on your loan over time, which means you could save thousands
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Plans with benefits that could better suit your needs
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Borrowing more if your house has increased in value
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Releasing further funds
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Borrowing more as you are now older. Your new plan could also include different features like downsizing protection and better rates than your existing equity release rates to ensure it’s still right for your needs
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Early repayment charges are a factor to consider when determining if re-mortgaging is appropriate. Your adviser will discuss this with you.
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Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.
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Key offers lifetime mortgages only, which is a loan secured against your home.
If you want to find out the best equity release plans that could benefit you, speak to one of our team today with no obligation.
Yes you can, although switching equity release providers is a process that could differ by terms and conditions. Key can help you switch to the best lifetime mortgage plan for you with advice from experienced experts. You should check several factors like lifetime mortgage rates and money accessibility before changing equity release plans.
Page last updated: Friday 28 March 2025