Equity releasers should consider remortgaging

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Equity releasers should consider remortgaging

Retired house holders who have gone for equity release as a means of increasing incomes are being told to review the deal offered by their lender, and consider remortgaging.
A firm of independent financial advisers dealing in equity release and retirees who have raised capital from their homes over the last few years may be able to find a more competitive deal.
The equity release market is continuing to grow. Safe Home Income Plans, a body that encourages good practice in the market, reported a 11% rise in the amount of money taken from private dwellings in the three months to July, compared with the previous quarter.
Competition between providers has also increased and according to Key Retirement, lifetime mortgage interest rates have fallen and are now typically 1% lower than in 2003. The firm’s business development manager said that with some provider’s fees only apply for an initial period after which borrowers can make a true saving by making a switch. The action of remortgaging is easy and worthwhile due to the amount of money saved grows as the loan size increases.

Loans are subject to status. Loans are secured on property. Written quotations are available upon request.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBTS SECURED ON IT. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.

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