Pensioners who currently have an equity release mortgage could consider remortgaging on to another product.
Retired people who took out a lifetime mortgage several years ago could be paying a much higher rate than is available today.
The number of available products has risen dramatically over the last few years which has led to rates dropping due to the competition for business.
Rates in 2003 were more than 1% higher than they are today which means payments will be much higher.
At a time when people should be looking at their outgoings it is important to review your mortgage and make sure you are getting the best deal available to you.
If considering remortgaging your lifetime mortgage you should always consider exit fees from your existing lender. However after an initial period, exit fees do not apply with most lenders so if you can achieve a better interest rate you will be making a true saving.
The remortgage process is straightforward and you should contact one of the equity release specialists at Solution Mortgages to discuss your options. Please feel free to call 0845 123 1260 or visit us online at www.solution-mortgages.co.uk