changing your lifetime mortgage provider

Have you got an existing Lifetime Mortgage or Equity Release Plan?

Well now could be a good time to look in to swapping plans as lifetime interest rates are so low.

You may have taken out a plan in recent times with companies like LV=, Stonehaven and Retirement Advantage. Due to their plans having fixed early repayment charges, it is easy for us to work out if it would be beneficial to swap plans or not.

Many people also took out Lifetime Mortgages with Northern Rock due to their very competitive interest rates at the time. Unfortunately, in 2007 Northern Rock became the first bank in over 150 years to suffer a ‘bank run’ after having had to approach the Bank of England for a loan facility.

As a result, on the 11th January 2008 Northern Rock sold its portfolio of Equity Release schemes to a subsidiary of JP Morgan called Papilio UK in order to raise funds to pay off some of the money owed to the British government. This meant that, whilst the terms of their equity release plans remained unchanged, thousands of people lost the ability to be able to release additional equity tied up in their property using their existing Northern Rock plan.

Lots of people also took out the popular Halifax Retirement Plan, but this has since been withdrawn and as a result clients are no longer able to get more money from their existing plans.

To add insult to injury, whilst the interest rates offered at the time were very competitive, in recent years there has been a significant reduction in the interest rates. If this has happened to you then there may be an answer……..Viva Retirement Solutions specialise in Lifetime Mortgages and have successfully moved clients from their existing providers so that they can:

  • Have the ability to release more equity from their property

  • Reduce the rate of interest​

After a full analysis of your situation we can advise you on the pro’s & con’s of transferring your existing Lifetime Mortgage to a new provider and if this will be beneficial to you. You may have to pay an early repayment charge to your existing lender if you remortgage.

We understand that you may have some concerns about equity release plans, having been through an advice process and paying the fees for setting up the Northern Rock or Halifax plan, only to find yourself with a plan unable to release more equity and having a high rate of interest fixed for the rest of your life. That is one of the reasons why Viva Retirement Solutions will only ever charge you a fee if you successfully complete on a new plan with a different provider.  We will only ever tell you to do this if it is right for your own circumstances.

So give us a call today for free on 0800 046 9776 and speak directly with an experienced adviser, you have nothing to lose!

What Our Customers Say....

Dawn was the fifth Equity Release advisor whom we sought for help in making the switch. It was her down to earth and honest approach which persuaded us to go with her advice. Our journey through the equity release maze was all conducted over the phone and yet we never felt the need to have a face to face meeting as expected before the pandemic.

Private, Yorkshire 15/9/21

My elderly parents had an existing Equity Release policy taken out 20+ years ago. We needed to arrange a re-mortgage to a better rate with the provision of a drawdown facility for future possible care needs.  Susan was wonderful! Having talked my partner and I through various products and options she then met me along with my parents to fully explain the products she recommended and the reasons why.

Mrs Jackson, Surrey 27/7/21

Rob acted in a very friendly, but professional way.  Explaining everything clearly to us step by step.  He was always available if we needed to ask any questions.


Private, Essex 8/12/20

We found Liz to be extremely professional and approachable throughout the process.  We cannot fault the service we received and would be happy to recommend Liz to any of our friends and family in the future.

Mr & Mrs F, Dorset 20/12/20

We can't thank Mark enough, very helpful, thorough and nothing was too much trouble.  He explained everything to us, I would recommend at at Viva Retirement Solutions every time.

Mrs & Mrs Newman, Lincolnshire, 1/10/20

Case Study Eight - Replacing Your Existing Lifetime Mortgage

In this case study we ilustrate the benefits of switching an existing lifetime mortgage for your 71 year old client where by switching he saved his estate £110,000 over five years.