Our client approached us as he had taken an Equity Release mortgage out over 10 years ago. He was paying an interest rate of over 6% which is high compared to todays rates. We were able to switch him to a new lender which offered a rate below 4% which will save his estate thousands of pounds assuming an average life expectancy. It was important that we accessed all the fees associated with switching the plan and took into consideration if there were any early repayment penalties. It made financial sense in Mr Singh’s case to switch lenders but there could be occasions where moving your plan isn’t the right decision and getting the right advice is crucial.