Norwich Union is now known as Aviva and is still a major UK provider of equity release schemes and capital access plans as a part of their retirement solutions package. For existing customers it is possible to increase the amount of equity accessed by your existing plans as personal finance circumstances may have changed.
In the past it was often only possible to borrow smaller amounts on an equity release plan. As your circumstances have changed you may wish to increase the lump sum of equity released or increase the monthly amounts received from your plan.
It is important to remember that the interest in an equity release plan is continually rolled up into the loan and therefore the amount borrowed grows over time. This will affect your ability to borrow more as depending on the amount of time passed since the original plan the amount borrowed will have increased. Subsequently the amount still available will have decreased or may be non-existent now.
In order to find out how much more, if any, it is always best to contact your provider directly. Many providers offer equity release calculators online, however, they are only really for guidance. For a clear picture of your options it is always best to contact them directly and explain your circumstances and needs.
As with any equity release plans it is extremely important that you seek independent financial advice before committing to anything. It is also important that you ensure you fully understand the terms and conditions of the altered plan as it may be that the interest rates are different to your original plan and therefore the rate at which the amount borrowed will grow could be different. Ask for a personalised financial forecast of any suggested increases to your plan before you sign a contract.