The cost of equity release schemes has fallen by 2% in the past 5 years.

Though rates on equity release schemes are fixed at the start of the term, many retired homeowners could save by switching to cheaper products through equity release remortgage deals.

Dean Mirfin, business development director of specialist adviser Key Retirement Solutions, told the Daily Mail:

“Just looking at our customers, there are about 2,000 who might benefit from such a remortgage.”