Could Equity Release Help with Increased Cost of Living?
Many UK households are concerned about the increases in cost of living, leaving some fearing that they won’t have enough income. Yet, for homeowners over 55-years-old, an equity release scheme could give them the supplement to income needed to sustain a certain lifestyle.
According to market research conducted by Markit and YouGov, 69% of the 2,000 households asked reported a rise in goods and services in August. Additionally, 30% said that their financial situation had worsened.
Maintaining A Certain Standard of Lifestyle
After UK inflation eased in July, 86% of the households surveyed felt that cost of living will continue to rise, despite many experts trying to temper this.
Tim Moore, economist at Markit, is quoted on the BBC saying: “Stronger growth in the UK economy has done little to put a floor under the downturn in household finances.”
For many homeowners approaching retirement, the rise in cost of living is an area of great concern. For those over 55-years-old, an equity release scheme could be one means to ease this concern.
Equity release schemes have the potential to unlock a tax-free lump sum from the value of a property. This source of finance can supplement income and even ensure that most homeowners maintain a certain standard of lifestyle.
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