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Why might you switch equity release plans or providers?

If you have already taken out a lifetime mortgage, you will know that it’s designed to run for the rest of your life, or until you move into long-term care. However, you may be able to switch your lifetime mortgage to another plan, either with the same provider or a new one.

A lifetime mortgage plan review is where you talk to an equity release adviser about your current plan, your circumstances and financial goals. For example, you may be looking to release additional funds, look for a lower interest rate, or access new product features.

If you arranged your plan over a year ago and your needs or circumstances have changed, switching could land you a better deal. Do bear in mind that switching can incur e​​​arly repayment charges and fees to set up the new plan, so this will need to be considered as part of the review.

Why get a lifetime mortgage plan review?

If you’re looking to release more cash, there are a few reasons you might now be eligible for a higher amount. Being older or an increase in your property’s value could mean you can unlock more equity.

Plus, if you have a qualifying health condition such as high blood pressure, diabetes, or a history of smoking, you might be able to switch to an enhanced lifetime mortgage. This could allow you to access more cash, secure a lower interest rate, or even both.

The good news is that the lifetime mortgage market is very competitive, and providers are increasingly offering innovative features to tempt customers.

Switching your lifetime mortgage could help you to:

  • Unlock even more tax-free cash to spend however you want.

  • Secure a lower interest rate.

  • Future-proof your plan with features like inheritance protection and downsizing protection, if your current plan doesn’t include them.

Five star reviews from happy customers

Taking out equity release is a big decision, so it’s good news that our selected advisers enjoy great feedback and an ‘excellent’ Trustpilot rating from customers who have used the service.

Highly recommended

Explained everything from the first phone call we made to completion, giving us time to understand all the options. Everything went smoothly - would highly recommend.

Brilliant service

The service we have received so far has been brilliant. The documentation came through very quickly, but we have not been put under any pressure to make a decision.

Help was always on hand

Everything explained to me every step of the way and always time to ask questions which are always fully answered. I never felt pressured to make a decision but help was always on hand.

What options do I have when switching equity release plans?

The equity release market has changed a lot in recent years, with new plans and features that might not have been available when you first took out your lifetime mortgage. If you’re thinking about reviewing your plan, you could have more options than you realise.

If it’s more cash you’re looking for, you could switch to a new lump sum lifetime mortgage to access your additional funds all in one go. Alternatively, a drawdown lifetime mortgage lets you take smaller amounts as and when you need them. If you have certain health conditions or lifestyle factors then you may now qualify for enhanced equity release to access higher cash releases, lower interest rates or both.

Or, if you’re looking to keep the costs down, you can now make voluntary interest payments with an interest-only lifetime mortgage. You can stop these payments at any time; interest will then accrue on the loan as with a standard plan.

How much can I release by switching my lifetime mortgage?

How much extra cash you can release depends on a number of factors:

Property value

There will be a maximum release based on a percentage of your home’s value.

Your property

The property’s tenure (freehold or leasehold), location and type of construction.

Your age

You may be able to unlock more cash from your home simply for being older now. Someone aged 55 will typically be able to release around 20% of their property’s value, rising to over 50% for the oldest applicants.

Your health or lifestyle

An enhanced lifetime mortgage may let you release more if you are now living with certain health conditions or make certain lifestyle choices such as smoking.

Are there any disadvantages of switching my lifetime mortgage?

As with most decisions about financial matters, you do need to weigh up the pros and cons of switching to a new lifetime mortgage. Although it could help you to do more of the things you want, there are potential disadvantages to consider:

  • Unlocking more of your property wealth will reduce the size of inheritance you can leave. The loan plus interest is repaid from the sale of your home, so there’s less equity to pass on.

  • If you release more money, it might affect your eligibility for homecare funding and other means-tested benefits.

  • Early repayment fees will typically apply should you decide to switch to another provider

Equity release guides

Answering your questions about switching lifetime mortgages

Page updated on 6th August 2025, Reviewed by Richard Groom