Despite the widespread economic gloom, the equity release market continues to grow and as a result, competition between providers has increased. In turn, this has led to a dramatic fall in lifetime mortgage interest rates over the last five years; current rates stand as low as 6.09%, more than 1% lower than some of the rates available in 2003.
Dean Mirfin, Business Development Director at Key Retirement Solutions, said: "The current economic climate means it is more important than ever to ensure you are making the most out of your money. For most consumers an equity release plan is something they expect to have for the rest of their lives so it is important not to forget that there may be better rates available through the term from alternative lenders. After an initial period, exit fees no longer apply for some plan providers so consumers can make a true saving that is not eaten away by fees. When you consider the effect of compound interest even just a slight difference can equate to a considerable saving over time."
Dean Mirfin concludes: "The process of remortgaging is simple, and it is a good opportunity for consumers to review their circumstances as their needs and priorities may have changed. It is important to note, that not all equity release deals are available direct to consumers, so if you are considering remortgaging, it is important to go to a specialist independent advisor who can research the market and determine the best rate available for you."
Key Retirement Solutions has a dedicated team of advisers who deal with consumers considering a remortgage. Finding out whether a remortgage is beneficial is completely free of charge. A fee only becomes payable on completion of a remortgage should the client proceed.
