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Will Any Council Tax Increases Increase Interest In Equity Release
27/09/2010
It has been recently reported in the National Press that if Town Hall pensions continue to rise at there current rate then council tax bills will need to be higher and local government services will be reined in to pay.
This might encourage homeowners over the age of 55 to seek equity release advice to see how the value of their property could increase their income.
A report from the Audit Commission into the Local Government Pension Scheme declared that ‘action is required now’.
£5.4 billion was spent last year in keeping the local Government Pension schemes solvent, this accounts for 25% of council tax. An individual paying an average English council tax bill, contributes just short of £300 a year towards town hall pensions.Homeowners aged over 55 years who are concerned about council tax and would like to know how much money the value of their property could release to help, can find out by contacting therightequityrelease.co.uk for equity release advice.
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