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Will homeowners seek equity release advice as UK debt rises?

Fri 2th Jul 2010

Personal debt in the UK has increased by 0.9 per cent in the last 12 moths and now stands at £1,460 billion, according to a new report.

This could inspire a number expats who still own a home in the UK, aged over 55 years, to consider using some of the cash tied up in their property to ease their debt worries by taking out an equity release plan.

According to a recently-published study by Credit Action, UK Property owners actually owe more money than the whole country produces in a single year.

The figures show that the average amount owed by Britons, not including mortgages, now stands at £8,716.

However, when mortgages are included, this figure rises to £30,000 - 126 per cent of the UK's average earnings, according to Credit Action.

UK Homeowners aged over 55 years who are curious about how a tax-free cash lump sum obtained from the value of their property could help ease their debt worries can find out by seeking the services of a reputable scheme provider.

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