Equity release adviser Age Partnership has secured exclusive access to what it claims is a record low equity release fixed interest rate of 2.99%.

As well as the low rate the exclusive plan also comes with the ability to make monthly repayments of up to 10% per year without any early repayment charges.

This low fixed rate of 2.99% is available to borrowers with a maximum loan amount of £100,000 and has a £1,800 product fee.

Dan Baines, director of Age Partnership, said: “With an annual interest rate of 2.99% that is fixed for life, this new plan represents an extraordinary milestone in a market that has seen interest rates falling over recent years to what is now an all-time low.

“Perhaps the fact that we are in low-rate environment more generally means that the remarkable value offered by some of today’s equity release plans goes unnoticed, but with this new breakthrough plan offering the first ever sub-3% rate, the home certainly has now become a source of retirement income that cannot be ignored.

“We are extremely proud to be exclusively bringing this new plan to the market.

“The wide range of low rates and repayment options available in the market at the moment mean that equity release could be seen as no longer an expensive option, and for many can be the most cost effective way of borrowing in later life.”