Pensioners could save money by remortgaging equity release

As consumers are increasingly looking at ways to curb their spending and reduce outgoings, retirees who have released equity from their home typically over the last five years or more, should be aware that they could save thousands of pounds by remortgaging to a more competitive deal, says Key Retirement Solutions.

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.

Source