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This week we published research that found the number of equity release deals available on the market is at a record high of 510. As a result those considering equity release have more options to choose from than ever before. Saying this, those considering this option should still be aware of the long-term impact it can have on finances and must speak to an independent financial adviser before taking out a plan.
To help homeowners consider equity release to evaluate the deals on the market below we have highlighted some of the most competitive rates that were available during April.
How do we decide which equity release products get the best rating?
For over 30 years, Moneyfacts has been helping people to find the best financial products. Every year our in-house money experts cast their eye over all the equity release products available to the UK market, using their in-depth knowledge to determine those that truly represent the best solutions.
Our impartial equity release ratings look at the most important features, charges and benefits of each product. For equity release, we evaluate over 35 individual elements to determine which products stand out from the rest of the pack.
Below, we’ve detailed which elements we look for when it comes to our whole of market assessment for equity release products.
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For those aged 55 and over a lifetime mortgage can be a good way to release equity from their home without having to move house. Over the last few years there has been an increase in the number of lifetime mortgage plans entering the market, which has not only provided borrowers with more choice and flexibility, but during this time rates have also fallen. Those considering a lifetime mortgage should be aware that it could have a long-term impact on finances and, as such, they should consider speaking to an independent financial adviser to help them decide whether it is the best option for their individual circumstances. As well as this, for those who are planning to take out a lifetime mortgage plan speaking to an equity release broker could help them choose the best plan for their needs.