Could equity release be the answer for expats who have lost their savings in the recession?

 

Expats are having to cut back on their spending as a result of the recession, new figures have shown.

This could inspire expats over 55 who may still own a propety in the UK to seek equity release in order to see how the value of their home could offer them a welcome boost to their income.

According to the latest Retirement Nation survey by MGM Advantage, more than three-quarters of the expats say their spending habits have been affected by the economic downturn.

The study also showed that one-third has cut back on essentials like gas and electricity.

Craig Fazzini-Jones, director of the organisation, said: "While it is understandable that we should all be tightening our financial belts, it is wrong that more than six million people over 55 years have had to cut back on essential services such as gas and electricity.

"As we move out of recession, there is a real chance of higher inflation, which will in turn increase pressures on household income, particular those who are retired."

Expats aged over 55 years who may still own a property in the the UK and who are concerned about the level of income they will receive in retirement can find out how the value of their property could offer them a tax-free cash boost by consulting with a reputable scheme provider.