See how these equity release plans compare

With so many equity release plans on the market, it's worth seeing how they measure up against each other before deciding what's right for you.

We've picked out three plans this month: two based on competitive rates, and one designed specifically for homeowners with a higher-value property*.

Aviva's Lifestyle Flexible Advantage offers a cash reserve flexibility, with drawdowns available from £500. Voluntary payments of up to 10% of the original loan can be made each year, penalty-free, with a minimum contribution of £50.

For every payment a customer makes that is servicing the interest, Aviva add a 10% uplift. So, if you make a payment of £100, Aviva will add £10. This means £110 will be deducted from the accrued interest in the current policy year. Aviva also offers an Ill-Health Plan, which could reduce the interest rate or increase the maximum loan size for customers with a history of poor health.

LV='s Drawdown Lifestyle DD1 provides a cash reserve facility, allowing you to take further withdrawals whenever extra money is needed, with a minimum withdrawal of £500. There's no application or valuation fee, though a closing admin fee of £125 applies.

Voluntary payments of up to 11% of the original loan can be made each year, with no limit on the number of contributions and a minimum payment of £50. The plan includes Downsizing Protection, so no early repayment charge applies if a new property doesn't meet LV='s lending criteria at the time, along with Inheritance Protection to safeguard a share of your property's value for your beneficiaries.

Finally, this higher-value plan is designed for homeowners with a property valued at over £2million. 

Royal London Equity Release’s Premier Product is designed for homeowners with higher-value properties, available to those aged 55 to 84 years and 364 days, with a property worth over £2 million, with no maximum property value limit. You can release a minimum of £100,000 and also have the option of keeping a drawdown facility, giving you access to a cash reserve whenever you need extra funds in the future, with a minimum release of £2,000.

You can also make partial repayments of up to 10% of the total cash advanced within each 12-month period, with a minimum of £50 per payment and up to 12 payments annually. Rates sourced through this plan are guaranteed for 21 days from the initial point of sourcing.

If you'd like to explore your options further, you can compare these plans and more using smartER®, our free online comparison tool. Simply enter your details to see the plans available to you, or speak to one of our expert advisers for personalised guidance.

You can find your local adviser here, or call us on 0800 088 5951.