Welcome Back to Equity Release Supermarket
If you are an existing customer of Equity Release Supermarket, our dedication to customer service extends well beyond securing your existing equity release plan. We aim to build lasting relationships with you, providing continuous support and guidance.
Even if you have an existing equity release plan, and haven’t dealt with Equity Release Supermarket before, we’re still happy to provide independent advice and support as we can deal with lenders from across the whole of the market.
Therefore, even if previously received advice from a different equity release broker with whom you took equity release, we can still provide advice and guidance on your existing plan, with your written authority.
Here's how we look after our existing and new customers:
Organising Your Equity Release Plan Review
Annual Reviews
We appreciate your circumstances may change over your lifetime, hence as part of our service we offer to conduct an annual equity release plan review to ensure it continues to meet your needs.
Additionally, as part of our commitment to providing continued support we send a regular reminder for your equity release plan review. This opportunity will allow our advisors to discuss any changes in your circumstances and explore existing features you have, and adjust or switch your equity release plan, where it’s in your best interests.
Flexible Payments
A Reminder of How and the Benefit of Making Payments
Payments can be made easily to most plans by contacting the original lender who arranged your equity release mortgage. Lenders offer various payment solutions including online portals, direct debit, card payment and standing order. Our advisers can provide you with more details and confirm if your plan has this flexible feature.
Adjusting Payments
If you are currently making voluntary or monthly payments, you may be able to increase or decrease the commitment according to your own personal financial situation. Dependent upon the terms & conditions of your plan, you can make monthly, quarterly or adhoc voluntary payments up to a certain limit, usually a minimum of 10% of the original capital borrowed.
Payment Holidays
If you need a break from payments, you may have the option of taking a payment holiday. Remember if you do this could affect the future interest rate of your plan, if you received an initial discount, and the future balance of your plan will increase with compound interest.
If you wish to start, amend or cease making payments on your lifetime mortgage, please contact our customer service team on 01925 830816.
Drawdown/Cash Reserves
Accessing Funds
If your plan includes a drawdown facility, you may be able to access additional funds as and when needed. The amount remaining in your cash facility will depend on how much the original facility was for, and how much has been withdrawn since your plan completed. To apply for a cash drawdown, simply contact your original provider, who will discuss the process with you.
Additional Borrowing
How to Access Additional Funds
If your plan does not have a drawdown/ cash reserve facility, or your drawdown facility has been completely utilised, it may be possible to apply to the same lender for additional borrowing. Should you need to borrow more, our advisors are here to help. We'll assess your current plan and guide you through the process of accessing additional funds.
Porting/Transferring Your Mortgage
Transferring Your Plan
If you're moving home, many equity release plans are portable, which means you may be able to take your plan with you and secure it on your new home rather than repaying it. However, prior to any decision it is always advisable to discuss your options at an early stage with a a qualified adviser. Your adviser can assess whether it’s in your best interest to ‘port’ your current equity release plan to a new property, or alternatively redeem the existing plan, should a new plan offer more favourable terms. A free analysis can be completed by your Equity Release Supermarket adviser to see which option is best for you.
Bereavement - 3-Year Compassionate Window
Support During Difficult Times
In the event of bereavement, it’s important both the lenders and our records are updated accordingly. Should the lifetime mortgage be in a sole name, your beneficiaries may need help to understand the process of repaying the mortgage balance to the lender.
For lifetime mortgages in joint names, many plans offer a compassionate window of up to 3 years following the death of a partner, or them moving into long term care. This period allows the customer time to consider the future and manage the loan without immediate pressure. This is because a compassionate window gives the surviving customer the option of repaying the lifetime mortgage without any early repayment charges. This feature may be useful should you decide to downsize property or move in with family/friends and therefore repay the loan, or secure more capital and income if required.
Again, our team is here to support you through this difficult period and discuss your options.
Accessing Your Client Portal
Stay Connected
If you are an existing customer, your Equity Release Supermarket online portal is a valuable resource, providing access to your important documents and plan details associated with your application. These documents include items such as your valuation report, offer documents and your advisers’ recommendations. Your portal provides 24/7 access so login here if you ever need to refer to again to any of these documents.
Documents Available
- Valuation report
- Offer documents
- Adviser recommendations
Information Available
- Lenders name
- Plan number
- Solicitors details
- Application timeline
- Advisers details
Remortgaging and Calculators
Explore Your Options
Although a lifetime mortgage runs for the rest of your life, there are times when it may be more favourable to switch (remortgage) an existing equity release scheme. This could advisable if interest rates have fallen since inception of the plan, or you are moving home and rather than porting, it could be in your best interest to replace your existing plan and take out a new lifetime mortgage.
If you are considering remortgaging we have a useful Switch calculator tool to explore potential savings and options. Our advisers are also available to discuss the best solutions for your needs.
Repaying a Lifetime Mortgage
Things to Consider
You can repay an equity release plan at any time. However, beforehand you should check whether any early repayment charges would be applied by the lender and what potentially valuable features you currently have. These would be stated within your original T&Cs, but an Equity Release Supermarket specialist can also confirm before you need to make any important decisions.
If an early repayment charge is to be applied by the lender, there are some useful early repayment charge options that your adviser can discuss. One of these could be by making a voluntary payment before and after your plan anniversary which could help reduce the overall size of the charge.
Early Repayment Charges
Understand the Costs
If you need to repay your plan early, it's important to understand any associated charges. Over the years, lenders have applied numerous ways of applying these charges. For example, there could be a variable charge linked to the fall and rise of Government gilt yields, or alternatively, similar to a residential mortgage, they could be a fixed percentage over a stated number of years. In some cases, there could be a combination of both fixed and variable penalties.
Again, please contact us for detailed information and guidance on minimising these costs.
Adding Someone to the Loan
Making Adjustments
If you need to add someone to your plan, such as a partner or family member, our advisers can guide you through the process to help update your plan accordingly.
Divorce Considerations
Managing Changes
In the event of a divorce, we provide guidance on managing your equity release plan. We'll work with you and your legal advisers to ensure the best outcome for all parties involved.
Provider Contact Details
Stay In Touch
For any specific queries regarding your plan, you can contact your provider directly. These details will be in your original paperwork, however if you still need these we can provide them accordingly.
Important Links
Kinherit - Wills and LPAs
During your advice process your adviser will have explained the importance of a Lasting Power of Attorney (LPA), Trusts and wills. Our specialist partner – Kinherit can provide help, guidance and take instructions on these matters.
My Care Consultant
Get support for care planning and advice. Our preferred partner – My Care Consultant offers an independent service that assists you in finding appropriate care, calculating entitlements, and directing you to relevant professional services.
Recommend a Friend
Share the Benefits
Know someone who could benefit from equity release? Recommend a friend and as a token of our appreciation, we will reward you with £200 in Amazon or M&S vouchers for any personal recommendation that leads to us assisting them.
How to Make a Complaint
We're Here to Listen
If you have any concerns or complaints, we want to hear from you. Contact us on 01925 830816 to let us know how we can improve our service.
Find an Equity Release Adviser
Expert Support
Our team of expert equity release advisers are always here to help. Find an adviser near you for personalised whole of market advice and support.
At Equity Release Supermarket, we are dedicated to ensuring you receive the best possible service and support, and we’d like to thank you for being a valued customer.
For those customers who haven’t dealt with Equity Release Supermarket previously - we look forward to welcoming you as a new customer and providing you with a truly exceptional service!