URGENT, need an answer by 1 pm. Best rates on Equity Release?

Conrad

Hi everyone,


can anyone advise at to what the better Equity Release rates are just now?


My Uncle has been quoted 5.4% for releasing around 25% of the value of his home, he is in his 80's.
The IFA suggests Aviva as a lender. He is due round at 1pm today to my Uncle, his Daughter will be present.


The problem with online calculators and best buy websites is you have to give your details and we don't want to be deluged with calls nor have our information passed around to other marketing entities.


Cheers in advance.

dunstonh

i dont do equity release but know someone who does and he has frequently mentioned Aviva for Eq release. So, i cant help on rates but I do know he rates them on quality and they meet the required standards. Very much a mainstream option (but you already know that bit!). Eq release tends to get covered more in the mortgage section of this board. A few of the mortgage advisers in there do EL.

agarnett

I assume you have checked out all that is online at Aviva, so you will at least know something about the IFA's recommendation before 1pm? That includes their online calculator (which requires no personal information).

The underlying rate of around 5% fixed is what I had also picked up from somewhere (maybe their site or maybe this forum). It is expensive compared to current short-term fixed rates and most recent variable rates too, but of course it is quite modest compared to rates that over 50s have typically endured for large parts of our lives. If we could have grabbed 5% lifetime fixed 40 years ago we'd have filled our boots with it!

In Europe current long term (30 year) fixed is around 3% for standard mortages for 20 year younger lives, so go figure.