UK Money News
29th July 2008
Retirees less confident over equity release
More and more Britons are waking up to the idea that they cannot rely on their property to fund their retirement through equity release, a pension provider's survey has shown.
In a poll conducted by MetLife, 40 per cent of those surveyed said they are currently less confident about taking out an equity release loan to augment their retirement income.
Meanwhile, a third of the sample said they were "a lot less confident" about opting for equity release for this purpose.
The change in how equity release is being perceived by Britons is thought to have been brought about the recent house price falls.
Ed Gardner, chief executive officer at MetLife UK, told the Telegraph: "The party is over for the moment at least in the housing market, with most commentators agreeing that prices will fall this year and possibly for another two years.
"Of course, equity tied up in your home can form part of retirement planning but, as recent events have shown, this does not provide a guaranteed pension. Saving into a pension is tax-efficient and should be a vital part of financial planning."
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