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Is equity release always the best option?

Thursday, 9 September 2010 7:00 PM

Older people considering equity release may wish to consider other alternatives, such as downsizing to a cheaper property, according to a financial advice firm.

New research from Saga Personal Finance found that as many as one in three homes are in need of repairs, but their owners cannot afford to fix them, prompting some to think about releasing the equity in their homes.

One in six people cite roofing as the biggest problem in their homes, while seven per cent need to mend drainage and guttering.

While maintaining and developing a property is often a worthwhile investment, David Wright, managing director of Sixty Plus, advised homeowners to look into other avenues before releasing the equity in their homes.

"It was perhaps natural that the relentless bad news of the credit crunch and banking crisis would make people pause for thought but I think things [in the equity release market] are gradually getting back to normal," he went on to say.

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