The lifetime remortgage market has become ‘huge’ owing to falling rates as products get cheaper, Adam Carnall of Age Partnership said at Financial Services Expo London this morning.
He said: “The remortgage market on lifetime is pretty huge because we’ve got a more mature market than we’ve ever have.
“If you consider advisers in the room have got clients with existing lifetime mortgages with Prudential or old Norwich Union locked into rollup interest rates of 8 or 9%; now you’ve got rates as low as 3.5% for life.
“A simple rebroke could save clients thousands and thousands of pounds so there is a huge market there.”
FSE London is taking place at Old Billingsgate today.