Lifetime mortgage rates have fallen significantly over the past five years and present an opportunity for existing customers to switch to lower interest rates, research finds.
Moneyfacts.co.uk found on average, lifetime mortgage rates have tumbled from 7.23% in September 2007 to 6.64% today, as sales of plans have increased. Richard Eagling, pension expert at Moneyfacts.co.uk said: "The fact that interest rates on equity release lifetime mortgages have been falling steadily is great news not only for homeowners considering equity release for the first time, but also for those who may now be able to switch their existing product to one with a lower interest rate." The research also suggests a third (31%) of pensioners used equity release during the first hal...
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