Switching Equity Release Mortgage

NewUser

My friend took out an Equity Release Mortgage for £45k some years ago. He is paying interest at 6% without paying anything off the lump sum borrowed. Considering how low interest rates are now, I urged him to contact the company to see if he could now get a lower interest rate. Of course the company refused - they have no intention of lowering the interest rate he is paying, its not in their best interest to do so!

My friend is struggling on a State Pension but utterly determined to continue paying the Equity Release interest @ 6% to ensure his children will only have to raise £45k to secure his property for their inheritance.

I wondered if my friend could switch to a different Equity Release policy with another company at a more realistic rate of interest. Does anyone have any advice or thoughts to offer?