More to turn to Equity Release as 4 in 10 worse off in 2012?
With many consumers concerned about their finances for the forthcoming year, equity release could help offer some financial relief.
According to a recent survey by uSwitch, more than half of the people in the UK are feeling unconfident about their finances in the New Year with nearly one in four believing they will be financially worse off in 2012 than they were in the previous year.
76 per cent of those surveyed are worried about the rising cost of living while 63 per cent are specifically concerned about household bills. Approximately half will see their disposable income shrink with a further one in ten seeing it vanish completely. In short, 2012 appears to be the year of getting by rather than living.
Michael Ossei is the Personal Finance Expert at uSwitch.com:
“2012 looks set to be another difficult year with consumers already geared up to cut back, curtail spending and try to clear outstanding debt. Instead of the fresh start many were hoping for, 1st January may just signal the start of yet another tough and frugal year.”¹
For those in need of additional revenue, equity release could offer the solution.
Equity release allows those aged between 55 – 95 who own a UK property worth at least £50,000 to utilise what would otherwise be stagnant equity in their home. Money can be accessed via a lump sum payment or via access to cash reserve where funds may be drawn periodically when needed the most.
Equity Release is now a significant option in retirement financial planning and further advice and assistance should always been sought from both a qualified financial adviser and a specialist solicitor such as Goldsmith Williams.
Content correct at time of publication