Pensioners advised to remortgage equity release deals

7 October 2008

Pensioners in the UK who have released equity from their homes over the last five years or more may be missing out if they fail to seek more competitive deals, it has been suggested.

According to Key Retirement Solutions, such people could save thousands of pounds by remortgaging.

This news may be of particular interest to consumers struggling with their personal finances in the light of current economic problems.

"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," stated Dean Mirfin, business development director at Key Retirement Solutions.

He added that people considering remortgaging should seek the opinion of a specialist advisor who can determine the best available rates.

Recently, David Black, principal consultant of banking at Defaqto, described equity release as a feasible option for struggling pensioners.

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