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Wednesday 26th November 2008

UK Pensioners Could Waste Thousands by Failing to Remortgage Their Equity Release Deals

Equity Release Warehouse urges pensioners to look at remortgage options.

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.

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.

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. As can be expected, the sum of money saved increases as the remortgaged loan size increases.

The process of remortgaging through the Equity Release Warehouse 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 adviser who can research the market and determine the best rate available for you.

We have 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.