Lenders offering cheapest ever equity release rates
Equity release rates have dropped to a new record low after More2life launched a sub-2.7% rate.
The biggest lenders have been competing fiercely to offer the cheapest equity release deals in recent months bringing rates below 3% for the first time since records began.
Equity release has increased in popularity as older borrowers have tapped into their properties to support their lifestyles. They are also gifting deposits to their children.
Jed Newton, Trinity Financial’s director and equity release specialist, says: “The improvements to pricing and increased flexibility of the products have moved equity release from being a product of last resort to a sensible consideration for many people in their retirement.”
Data from Key Retirement earlier this year suggested that pensioner property wealth jumped by more than £37bn in 2017 to top £1trn.
Source: Mortgage Strategy
Contact Jed Newton on 020 7016 0793 to secure an equity release mortgage