The issues surrounding pensions in the UK affects us all, but it is already a very real and daily challenge for millions of retired Britons.
However, many retired people who manage on a small pension and limited savings are also living in properties which, even with the recent house prices falls are still worth a great deal of money. The average house price in England and Wales is now standing at £242,415 (Apr - Jun 2013, see Land Registry Services.
Equity release plans – also called lifetime mortgages, home reversion or home income plans – are a way of releasing cash, whether to buy that new car, to pay for a holiday or home improvements, or simply to make daily life more comfortable. These schemes essentially allow you to borrow money against the value of your home, with the debt being repaid from the sale proceeds after your death.
This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration.