If you have an existing Stonehaven Plan but are thinking about switching to a new product, we can help you switch plans and gain access to a plan more suitable for your individual needs. It could save you money and gain you features you otherwise wouldn’t be able to access depending on your existing plan and the plan that now interests you.
Switching between equity release schemes can save you and your family £1,000’s in cash and home equity. You may be able to switch to a plan that lowers your existing interest rate or one that offers features more suitable for your current situation.
You can use our free switch plans calculator to look at your existing scheme while also checking out other schemes currently available on the market. By making comparisons, you can gain insight into what equity release plan might be best for you and your family and what you might be missing out on by sticking with your current Stonehaven plan.
Similar to shopping around for other regular life expenses such as auto loans, home mortgages, and insurance policies, it makes sense to also weigh your options regularly when it comes to your existing equity release product, particularly because new plans and features are always being introduced into the marketplace.
It is possible to save money by using our free switch plans calculator. By using this feature, we can take a good look at your current product. Then, we access the current balance on your existing product as well as any early repayment charges you may have to pay and your current interest rate. With all of that information, the calculator can then project out your loan balance. The calculator can then compare your existing plan with the new equity release schemes available in the marketplace, including the costs associated with setting up a new scheme. The calculator can also compare yearly balances of your new plan as compared to your old scheme. By doing so, the calculator can show you the savings and losses associated with changing plans and you can better decide if switching plans is right for you and your situation.
There are three primary reasons to switch out your equity release scheme. The first is when applying for a “top up” or when taking a further advance. The second is in finding a lower interest rate. If a lower interest rate is available, it can save you a good deal of equity over time. And the third reason to consider swapping schemes is for flexibility and repayment options. There are constantly new schemes being introduced into the marketplace and many of them offer improved features such as voluntary repayments, inheritance protection, fixed early repayment charges and drawdown plans. Swapping Stonehaven products may mean that you gain access to features you may otherwise not have had available to you.
Once you receive the results produced by the calculator, we can help provide guidance on products and what might be the best product for your individual situation. We can help explain the remortgage process and what would be involved in switching plans. There are a couple of points to remember when considering a switch which includes early repayment charges that you might incur from your current plan. These charges might not be expensive enough to prevent you from swapping. However, they may prove too costly and should be considered when thinking about swapping. You must also consider the set-up costs of a new plan as well as the daily interest that will accrue during the application. We can go over all of these considerations with you when you receive your results from the calculator. At that time, you will have all of the information needed to make the best decision for you and your family.