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Take advice before you find a remortgage, expert warns

Mon, 04 Dec 2006

Borrowers looking to find a remortgage as a way of generating extra cash should seek financial advice before making the move, one expert has warned.

John Howard, chairman of the Financial Services Consumer Panel, noted that many older borrowers believe an equity release mortgage could be a source of income.

The expert commented as his organisation released research into equity release deals such as lifetime mortgages and home reversions.

Although downsizing to a smaller property was found to be the most cost-effective method of generating additional money from a home, a lifetime mortgage was considered to be the next best option.

Mr Howard remarked: "This analysis compares the costs and provides useful information for homeowners to make the best decision for them.

"Taking out any equity release product is a complicated decision and we would advise consumers to take advice before signing up to any of them."

Louise Cuming, head of mortgages at Moneysupermarket.com, recently claimed that borrowers affected by the Bank of England's recent base rate rise could find a remortgage to mitigate the extra costs.

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