Could a lifetime mortgage ease the impact inflation has on savings?

British savers need to find accounts offering interest of more than 4.4 per cent in order to counteract the current rate of inflation, it has been claimed.

This could leave a number of homeowners considering equity release plans as another way of boosting their income.

Earlier this week, the Office for National Statistics revealed that the Consumer Price Index and the Retail Price Index had increased to 3.4 per cent and 4.4 per cent respectively.

David Kuo, director of the financial information website the Motley Fool, said: "You have to accept that, in the short term, inflation will be having an impact on your savings.

"Some of the better paid high street accounts out there are only paying just slightly above three per cent so with inflation running just slightly above four per cent you are losing money."

Expats who are concerned with the current levels of return on their savings accounts can find out how the value of their property in the UK could boost their finance by Equity Release provider.