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Equity release advice specialist Key Retirement Solutions has warned the difference in rates between lenders could see borrowers save nearly £86,000 in 10 years by remortgaging by a little less than £100,000, although they would still end up paying about £450,000.

Dean Mirfin, business development for Key Retirement Solution, said: “The current economic climate means it is more important than ever to ensure you are making the most out of your money.

“After an initial period, exit fees no longer apply for some plan providers so consumers can make a true saving that is not eaten away by fees.

“When you consider the effect of compound interest even just a slight difference can equate to a considerable saving over time.”

Sally Laker, managing director of Bournemouth-based broker Mortgage Intelligence, agreed the difficult market was giving equity release a higher profile than in previous years.

She said: “There are a lot of people in the industry who are working hard to raise awareness about it and that’s starting to have some success.

“I think part of the problem has been getting people into the products in the first place because while most customers have an idea of what they need to get a mortgage, they are less likely to know if they are right for equity release, or even what it is.”