Low equity release rates spark switching inquiries, research

In a recent study the firm found more than half of advisers had seen a rise in clients looking to move their existing deal to a lower rate. About 12% had even reported a 'substantial increase' in interest in equity release from customers looking for lower rates. Rates on equity release products have been pushed to historic lows in recent years as competition in the market among existing and new lenders heated up. According to Bower, average rates are currently around 5.66% after having fallen almost 1% in the past three years, while the number of plans available nearly trebled over th...