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Are Equity Release Loans Affected by Low Interest Rates
13/09/2010
A third of all pensioners are using credit cards to supplement their income. Four years ago this figure was closer to 25%. This increase in borrowing from the older generation is due to falling stick markets and low interest rates taking their toll on pensions and other retirement incomes.
Despite this rise in debt, pensioners are still holding substantial quantities of equity in their properties. According to the Council of Mortgage Lenders the number of pensioners using equity release to supplement their income has nearly quadrupled since the beginning of this year.
Homeowners aged over 55 years who would like to know how much money the value of their property could release to help them through their retirement, can find out by contacting therightequityrelease.co.uk for equity release advice.
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