Jessica Thrower
Legal
Mortgage Repayments Stop UK Homeowners From Saving More For Retirement
A recent article from the Equity Release Council website on the 11th March 2024 stated that almost one in four (22%) UK homeowners with a mortgage equivalent to 2.8 million people say repayments are stopping them from saving more for retirement, according to new findings from the Equity Release Council.
Higher interest rates on mortgages are leading to many people’s monthly mortgage payments increasing. Higher monthly mortgages payments together with the rising costs of living are meaning people are struggling to save for their retirement.
Equity release mortgages allow the over 55’s to release funds from their property whilst continuing to reside there. An equity release mortgage allows you to release a lump sum so you can improve your property, pay off your mortgage/debts or take a holiday. You could also use the lump sum to supplement your income, save for the future, or make a gift to a family member. Equity release requires specialist legal advice and financial advice. If you are considering equity release it is also important to do your research and discuss it with your family.
The original article from the Equity Release Council can be found here: 2.8 million people find mortgages stopping them saving more for later life – Equity Release Council
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Paul Fursman, Senior Associate Solicitor in our Residential Property team, said:
“At Mullis & Peake LLP we are seeing a growing number of instructions in equity release matters each year. We are current members of the Equity Release Council. Please contact Paul Fursman on 01708 784037 if you wish to obtain advice on an equity release. We provide detailed analysis of the equity release offer.”