Equity release plans may be needed as recession ‘not over’

Expats retaining a property in the UK may wish to learn more about equity release schemes to support their income after hearing suggestions that the recession in the UK is not yet over.

Mike Fosberry, president of the Personal Finance Society, said that the UK is not yet out of the economic downturn and is not closer to resolving the problems that caused the financial crisis in the first instance.

He observed that one of the biggest issues facing the country at the moment is the size of its public sector deficit, which is likely to take "an awful long time" to settle.

"You can understand why people are nervous about doing very much in the short-term because they may be nervous about jobs, they may be nervous about where the economy is heading," Mr Fosberry added.

The comments could lead people to seek advice about equity release, which allows homeowners to unlock cash against the value of their homes.