Thousands of pounds are being saved by equity release customers as costs of lifetime mortgages plummet

Equity release customers are saving thousands in interest compared to five years ago, as increased competition drives record growth in the industry, according to Key Retirement.
The cost of raising money through lifetime mortgages has fallen dramatically over the past five years.
Retired homeowners are benefiting from record growth in the equity release market, as increased competition drives down the cost of borrowing.
The fall in rates over the past five years has been significant and is helping more customers support their family, as well as themselves, as equity release makes a major contribution to the retirement standard of living.
Existing customers can also take advantage of falling rates but it is important they ensure they take independent specialist advice before making any decisions to switch as savings from lower rates need to be balanced against any early repayment charges.