Make your home more energy efficient with equity release

Published: 10/01/2014

One thing many of us workers look forward to when we retire is throwing away our alarm clocks and enjoying nice long lie ins. However it would seem some retirees are being forced to stay in bed just to keep warm.

According to a recent survey commissioned by Saga, 10% of pensioners are staying under the duvet because their house is too cold while one in eight admitted they are planning to stop using some parts of their home in an attempt to reduce energy bills.

Nearly two thirds of those polled said they are also wearing extra layers of clothing to stay warm.

Richard Espley, Head of Equity Release at Goldsmith Williams, comments:

“It’s sadly a story we are hearing more and more as energy bills continue to rise. Some households are even being forced to choose between heating and eating.

“Poor heating is particularly dangerous for older homeowners who are potentially risking their health and welfare by trying to trim their gas and/or electricity bills. According to figures retirees living in the coldest homes are three times more likely to pass away than those who have the ‘luxury’ of a warm home.

“There has been an increase in the amount of older homeowners turning to equity release to cover the basic costs of living. However it is important to remember homeowners could also use some of the equity released to make energy efficiency improvements to their property such as double glazing and loft and cavity insulation. This could also increase the property’s value in the long run.”

Click here for more information about equity release.

Content correct at time of publication