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Is it Possible to Compare the Equity Release Market as You Would Other Financial Products?

Compare Equity Release

Last updated on 27 June 2023

The short and simple answer to this question is a resounding yes!

Just as we have all become accustomed to comparing financial products such as car insurance and personal loans, so too can you now get online to search and compare the equity release market.

In fact, given the current equity release interest rates on the market, even if you only had the possibility of such a plan in the back of your mind, now might be the time to investigate the matter further. This is because if you were to act now, you are more likely to lock yourself into one of the best deals available for around 5 years and this same great rate would stay with you for the duration of the plan.

If you are at all interested in the idea of an equity release plan, do yourself a favour and get yourself onto websites that offer the compare equity release schemes features.

A great example of these equity release comparison websites is the new Compare Equity Release website.

Unlike most equity release companies providing information, Compare Equity Release help those looking to conduct their own initial research & learn for themselves. Many websites on the internet portray themselves as providers of equity release information. They are basically lulling people into providing their personal details with no information coming back their way online.

For instance equity release calculators. None of the major equity release brokerages who supposedly offer a 2 step process actually provide an answer to the calculation of the maximum equity release possible. Instead they will get a representative to call you back. People do not always want this service as they are quite capable with the right tools to ascertain the information for themselves. Only one authorised intermediary – Equity Release Supermarket will actually offer an answer online; plus they go one step further by providing the maximum lump sum should you suffer from poor health.

This is where Compare Equity Release sees themselves as the pinnacle of reference to all things equity release. By providing the tools & information that potential equity release applicants require they can assist in the decision making process. With this information available, Compare Equity Release feel that trust can be established with their clients & will lead to the customer approaching them for the best equity release deal in the market.

Indeed with the plethora of exclusive deals already at their disposal it would be worthwhile visiting their Equity Release Deals section to see the current interest rates, cashbacks & free valuations they currently receive from the major equity release providers such as Aviva, Just Retirement, Stonehaven, LV=, Partnership & many more besides.

Some of the equity release tools Compare Equity Release have created are unique & at the forefront of the equity release market.

The main tools are the two equity release calculators; both measuring the maximum release possible on both a roll-up lifetime mortgage & an interest only lifetime mortgage.

The equity release calculators and are a free, quick and simple way of ascertaining the best release of equity in relation to your personal details. The best bit is that at this initial stage, you need only insert some very basic information in order to get the ball rolling. As stated previously you do not have to submit these details in order to get the answer you are looking for. The calculators provided provide answers to: –

• The maximum possible lump sum on a standard roll-up equity release scheme
• The maximum possible lump sum on an enhanced (ill-health) equity release scheme
• The maximum possible lump sum on an interest only lifetime mortgage

Compare Equity Release also provide a ‘Sourcing Wizard’ that by answering a few simple questions regarding the type of scheme you are looking for, they can narrow down your options. This can save both time & expense as you then have an idea of the kind of scheme that can suit. As any equity release plan requires advice, Compare Equity Release can then provide a qualified & experienced local equity release adviser who can then ‘fine tune’ your plan for you. This experience will have gained through this exercise will have provided you with an insight into which equity release schemes are relevant & why.

If you have existing equity release scheme, just like a conventional mortgage, it may pay to shop around for a better deal. The Compare Equity Release ‘Switch Plans’ tool assists you deciding whether this would be financially viable. You may wish for a lower interest rate, a desire to switch to a more flexible plan for the future such as a drawdown lifetime mortgage or also to borrow extra funds. Older equity release schemes, particularly 5-12 years ago did have interest rates that were over 7%. Considering interest rates can now be as low as 5.92% on the Aviva Lifestyle Flexi plan, it could save £1000’s over the many years to come due to the compounding effect of the interest.

Coupled with the array of exclusive deals that Compare Equity Release receive such as free valuations offers, cashbacks of upto £500, no application fees then switching plans may never have been better.

The trained & experienced Compare Equity Release advisers have the knowledge of whether switching plans would be best. The ‘Switch Plans’ facility on the website allows you to input your existing scheme details & compare this to the best equity release rate currently available. This is purely a guide but it can provide an indication of the long term savings for you & your beneficiaries can benefit from.

Sites such as Compare Equity Release will offer you a myriad of lifetime mortgage & home reversion information which will help to put your mind at rest if there are certain aspects of the equity release UK market which still do not make complete sense. If this is the case, please don’t worry, you are far from being alone. This is why these sites are set-out in the way they are: there are always sections of the site that will explain the different types of equity release plan available and this, in turn, should help you to decide which option is best for you.

It is always recommended that you familiarise yourself as far as possible with the concepts of the equity release market before taking that serious step to commit yourself to such a plan. Legislation and industry-wide regulations are in place to ensure that as a new company, the details of such a policy are clearly explained to you and it must be shown that this is so.

Compare Equity Release advisers offer independent advice on the whole of the equity release market. To assess whether you qualify, discuss or book an appointment call the team on 0800 028 3142 or email [email protected]