Yes, you can but this can be costly if you are still within the Early Repayment Penalty Charge period. Your financial adviser will be able to advise you on your financial goals and if, for example, you are wishing to seek a new plan at a lower interest rate a careful calculation will need to be done considering early repayment charges and the costs of setting up a new scheme, to ensure it is financially advantageous to you.
If you are wishing to move house, then Equity Release Council approved plans allow you to do so, transferring the equity release plan to your new property.
An important factor when discussing equity release with your financial adviser is to cover possible choices that you may wish to consider in the future: for example, retiring to your dream cottage by the sea or perhaps the property will be too big to manage when there is only one of you remaining.
