If you are keen to release equity from your home, but you have little experience dealing with this sort of plan, the chances are good that you will need a little guidance when it comes to making key decisions.

To begin with, you will need to research the available schemes and options across the market. In the same way that you would be concerned to secure yourself the best and lowest mortgage interest rates, you will want to ensure that your equity release plan you choose is right for you.

Make sure that you do plenty of reading in the run up to making your decision, and, once you feel that you have a good knowledge base, head over to your bank and have a meeting with an equity release consultant. This kind of face to face appointment will allow you to ask all the questions you need to.

One of the issues on which it is especially wise to focus here is, of course, the dilemma that arises on considering whether to opt for a fixed or a tracker interest rate for your equity release scheme. On the one hand, you might protect yourself from hikes in the interest rate, but on the other, you could benefit from even lower repayments.

In short, selecting the right equity release scheme for you is a more difficult decision than you might initially imagine. It will involve plenty of research and consultation, and will demand especially that you focus your attention on the issue of interest rates.