Simon Pook: Head of Residential Property
– This article shows that equity release rates have fallen significantly recently and there has simultaneously been an increase in equity release products onto the market. If you are considering equity release as a way to release cash to pay off a mortgage or for future care home planning, we would advise you to take independent financial advice.
Interest rates on equity release products have fallen to record lows, with the average fixed rate now standing at 5.63 per cent, research by Moneyfacts revealed.
That put average fixed rates 70 basis points below the April 2016 figure.
Moneyfacts’ research also revealed a 24 per cent increase in the number of fixed rate equity release products on the market over the year, from 66 to 82.
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