Fed up homeowners stranded at home whilst the snow continues to fall will more than likely be dreaming of jetting off to sunnier climes; but with finances being stretched to the limit many have little chance of getting away this winter, or even this year.
One of the worst hit groups is pensioners who are struggling to cope on their poor retirement incomes. Even though a rise in the State Pension is on the cards for this forthcoming April, this is of little comfort to those who are struggling to make ends meet thanks to the VAT rise, increases in fuel bills, grant cuts and abysmally low interest rates.
However, in many cases, homeowners could well put an end to the tougher times, have more money to spend on everyday expenses and even be able to splash out on regular holidays.
Geoff Charles, Managing Director of Bower has this to say: ‘So much of the retired population is sitting on enough money to be able to enjoy a far better quality of life. By releasing some of the value they have built up in their properties over the years, it’s like cashing in on an investment: the investment they’ve made by paying into their property.’
Equity release involves releasing cash from a home. This cash can be taken as a cash lump sum and /or a regular payment and allows homeowners to enjoy and indulge in things like regular or luxury holidays. Geoff Charles of award winning Equity Release Specialists Bower says, ‘Many older people have friends or relatives that have moved abroad and a lot of our clients have grandchildren that they’ve never even met because they live so far away. Equity release allows them to access the cash they need to take the trips they’ve always dreamed of so that they can spend quality time with their friends and family.’
Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the south of England. For more information e-mail [email protected] or call [tel]. Bower offers a free, no obligation initial consultation to homeowners considering Equity Release.