Over-55s Urged To Set Up New Equity Release Loans

Tue, 14 Oct 2008

Homeowners over the age of 55 have been urged to set up new equity release loans before house prices fall further.

A new report from Key Retirement Solutions has advised soon-to-retire homeowners with major debts to "lock in" to a more generous drawdown facility.

The company’s research found that one third of over-55s in the UK retain unsecured debts and that the same number of clients are using some form of equity release to help with their mortgage repayments .

Dean Murfin, business development director at Key Retirement Solutions, said: "Waiting is the worst thing you can do."

Last week, research from Halifax suggested that house prices have fallen by over 13 per cent in the last twelve months.

An estimate by the International Monetary Fund that the UK housing stock is overpriced by around 30 per cent suggests that prices might continue to decline.
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