UK Money News
23rd November 2007
Equity release 'increasing in popularity'
The number of elderly Britons having trouble with debt and needing help with money has seen an increase in popularity for equity release opportunities, it has been suggested.
More and more people are struggling to fund their own retirement in the UK and this has led to an increase in equity release activity among younger generations of Britons, according to Moneyfatcs.co.uk.
This demand for cash among the UK's retirees has seen both Prudential and the New Life Mortgage Company lower the minimum age limits on their equity release policies, the personal finance search engine firm reports.
However, Moneyfacts.co.uk warns: "While releasing equity earlier in life may offer an immediate solution for borrowers needing extra income, there is an enormous difference in the interest charge between taking out an equity release product at an earlier age."
In related finance news, Key Retirement Solutions recently warned that not consulting an advisor British equity release clients are missing out on the best deals available to them.
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