Another year guaranteed for the higher £250 Winter Fuel Payment for pensioners and £400 for the over 80s thanks to the Budget. However, is the Government really doing enough to curb the fuel poverty battle?
The coldest winter in 30 years and hike in energy costs left pensioners with a massive fuel bill struggle and, according to the Conservatives, more than 2.4 million pensioner households have been classed as suffering from ‘fuel poverty’ as a result.
“Not Enough” says Age Concern
Charity director for Age Concern and Help the Aged Michelle Mitchell said: ‘The news that the Winter Fuel Payment will not be cut this year is very welcome. However, this won’t be enough to help millions of pensioners living in fuel poverty.’
‘Put weight behind equity release and put a stop to fuel poverty’
Geoff Charles of Bower, award winning equity release specialists, agrees something needs to be done to put a stop to the rising fuel poverty problem for pensioners. ‘I’ve said it before and I’ll say it again: there is an obvious solution right here in front of the Government’s eyes: equity release. Why not put some weight behind it, put a stop to fuel poverty for home owners and let them enjoy the decent standard of living in retirement that they worked so hard to achieve?’
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
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 0800 4118668. Bower offers a no obligation initial consultation to homeowners considering Equity Release.