Personal Finance News

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million

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This Week's Personal Finance News Update

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million
30/10/12 - More than half of parents are unaware of Junior ISAs
30/10/12 - Over 80% of advisers name 'cost & administration' as top employer concern
30/10/12 - Brits left with £1.4bn repair bill during 'mischief week'
29/10/12 - East of England landlords at apex of yield chart
29/10/12 - Buyers more optimistic about Scottish property market

News

11/07/2012 17:20:19

Over-50s funding home improvements with equity release

New research reveals that many over-50s are using equity release to fund home improvements.

Over-50s insurance provider Saga found that more than half of those using equity release spend it on their homes.

Its research also shows that older people can be very attached to their homes, with 38 per cent unwilling to give up their gardens and 22 per cent reluctant to leave their memories behind.

As a result of this desire to stay put, 18 per cent of over-50s are planning major alterations to their homes in the next 12 months.

"While releasing equity from the home isn't for everyone, it can help people make improvements so they can stay in their home as they get older," commented Roger Ramsden, chief executive of Saga Services.

On the subject of equity release, Age UK urges people to consider it carefully.

"It is vital to take independent financial advice before signing up to a scheme," the charity said.

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