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Could a lifetime mortgage help those struggling to balance savings and debt?

Fri 21st Jan 2011

Expats should still try to put money aside for the future even when paying off their debts, according to one expert.

The comments could see a number of Expats, aged over 55 years and still owning a property in the UK, consult an equity release guide to see how the value of their home could help wipe their debts.

Richard Talbot, director at Credit Action, said that with low interest rates on savings and the high interest rates on debt, people will try to pay off their debt.

However, he added: "If people haven't got some money saved up then they would have to take out extra forms of debt should emergency needs arise.

"It's kind of a balance in life, we would encourage people to have some rainy day savings, but once they've got something put aside for emergencies then it would be a lot better to pay off the highest interest rate debt first."

Expat UK property owners who are concerned about their finances can find out how the value of their property could boost their income with a tax-free cash lump sum by contacting a reputable scheme provider.

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