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26/07/2011 13:51:49

Equity release 'being used by more to pay down debts'

A growing number of British consumers are considering releasing equity from their homes in order to deal with debt problems, new research suggests.

Over the past year, clients of the Consumer Credit Counselling Service's equity release advice service have typically freed up £29,983 of capital from their homes in order to cover the cost of debts.

The organisation notes that homeowners over the age of 55 contacting it for help owed an average of £29,772 in unsecured debts last year – primarily through credit cards and unsecured loans.

Tom Moloney, equity release manager at CCCS, said: "Many clients are rightly cautious when considering equity release, but with the right advice and guidance this is an attractive solution for some – especially for those who wish to resolve their debt problems without moving home."

Earlier this month, Nationwide reported that conditions still remain challenging for consumers and that the economic outlook is prompting concern over personal finance along with an unwillingness to spend.

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