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Usually the interest rates for a lifetime mortgage are higher than the rates charged for a traditional mortgage.
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Granted it may not be suitable, nor preferred by everyone, and that is why independent equity release interest Rates 2023 release advice must always be obtained first.
Should the equity release plan be repaid early, an extra set of early repayment charges could potentially be incurred.
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Your equity release lender should provide this, but you could also opt to seek your own independent financial advice on top.
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For more information read our guide: " How to release equity in your home - equity release calculator age uk release mortgages explained ".
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