Retired people 'losing money by failing to remortgage'

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Retired people 'losing money by failing to remortgage'


Retired people could be losing thousands of pounds by not remortgaging their equity release deals, Key Retirement Solutions has said.
The organisation said that the equity release market is growing despite the economic downturn, resulting in increased competition among providers.
It said lifetime mortgage interest rates have fallen significantly in the past five years and can be as low as 6.09 per cent.
Spokesperson Dean Mirfin noted that some providers do not charge exit fees after an initial period, "so consumers can make a true saving that is not eaten away by fees".
The sum of money saved was said to go up as the remortgaged loan size increases.
Last month, consumer group Which? warned that equity release should be used only as a "last resort" by elderly homeowners.
It believed that such schemes could be inflexible and expensive and could leave people with little or no equity in their homes.
In addition, Which? noted that it may limit the amount of means tested benefits a person could receive.

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