A lifetime mortgage could help expats who have turned to ‘raiding’ their savings

Expats aged over 55 years are increasingly “raiding” their savings in order to pay for home and car repairs, it has been revealed.

Those who have invested in a property could use the value of their home to pay for such repairs by contacting a reputable scheme provider for equity release advice.

According to the latest Birmingham Midshires Saving Britain report, people aged over 55 years are using their savings more than any other age group.

Data from the study revealed that people in this age group have withdrawn an average of £2,284 in the last three months.

“In the three months to July 2010, Britons saved an average of £764, compared with £1,031 during the last quarter. This is 26 per cent less than the previous quarter” the firm explained.

Expats over 55 years who still own a property in the UK and are looking to boost their spending power can find out how their property could provide them with a tax-free cash lump sum by seeking professional equity release advice.