Retired homeowners who have opted for equity release as a means of boosting their incomes are being advised to review the deal offered by their provider, and consider remortgaging.
According to Key Retirement Solutions, a firm of independent financial advisers specialising in equity release, retirees who have raised cash from their homes over the last five years or more may be able to find a more competitive deal.
In the UK, the equity release sector is continuing to grow; Safe Home Income Plans, the body that fosters good practice in the market, reported a 14% rise in the amount of money withdrawn from private residences in the three months to the end of June, compared with the previous quarter.
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