Age Partnership has announced it offering an equity release product with an interest rate of 2.99 per cent, which it claims is the lowest on the market.
The product has a maximum loan value of £100,000, a £1,800 fee and the ability to make up to 10 per cent monthly repayments before ERCs.
Age Partnership director Dan Baines says: “This new plan represents an extraordinary milestone in a market that has seen interest rates falling over recent years to what is now an all-time low.
“Perhaps the fact that we are in low-rate environment more generally means that the remarkable value offered by some of today’s equity release plans goes unnoticed.
“The wide range of low rates and repayment options available in the market at the moment mean that equity release could be seen as no longer an expensive option, and for many can be the most cost effective way of borrowing in later life.”