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Equity release should be done 'sooner rather than later'
04 June 2008
Homeowners who are considering arranging equity release on their house should do it soon due to the state of the housing market, claims a financial adviser.
With house prices falling, the amount of money that can be borrowed through equity release is decreasing so homeowners should act now to avoid losing money, according to the Saga Group.
Alex Edmans, Saga personal finance adviser, said: "If you are considering arranging equity release in the near future, then it might be advisable to do so sooner rather than later."
Equity release is also advisable as the market has not been as badly affected by the credit crunch as the mortgage market,
"Equity release is a long-term product and as such should not be so affected by short-term instability in the economic climate and as we have seen it has remained stable," said Mr Edmans.
According to the Land Registry, house prices fell by 0.2 per cent in April meaning the average value of a house in England and Wales is now £183,626.
