The option to refinance a mortgage can be very useful, but it is important to get the right advice on this. Sometimes equity release remortgage is a suitable option for some people, but it is wise to discuss the options with a financial advisor as the services available can change quickly and the best offer might be something different.
For example, the global credit crunch has had an effect on equity release, and many players have left the sector, and are no longer offering these products. Prudential is one of these, and while they are are still honouring and servicing equity release scheme products for existing customers, they are not taking on new ones.
For this reason, those having an existing equity release scheme from Prudential are advised to speak to an investment advisor in their financial services team. This team is made of specialists who are trained to provide the quality advice, but also have access to the latest products that are available.
The advisor will be able to provide the best advice for that specific contract and arrangement, they will also be able to offer the latest financial products and services. These products might be better suited to the customer's needs than a remortgage arrangement.
While mortgages last for decades, the mortgage products available are always being adjusted and improved. Sometimes there are much better options available.