LINK

Mail online have reported that UK pensioners with an existing equity release scheme could save up to £300 million collectively by switching to an alternative plan at a lower interest rate. Equity release rates are fixed for life and have reduced over the past few years from around 8% to approximately 6%. The site claims that customers who have loans with the longest established lenders such as, Northern Rock and Mortgage Express could gain significantly by switching. It is estimated that approximately 10,000 pensioners could save up to £30,000 in interest payments over a 15 year period by switching their current equity release plan to one with a lower interest rate.