Equity Release Helping UK's Retired Homeowners Stand Testing Times

Equity Release Helping UK's Retired Homeowners Stand Testing Times

Food and fuel are the most important basic commodities of use in daily life. The growing prices of food and fuels in the UK have become a concern with Britons. To support the statement with an example, the petrol price rise has added up an additional 9 to a household's monthly fuel bill. It has imposed limits on the freedom of the retirees in the UK. But the retired homeowners don't need to kill their wish for long-drive journeys. With the release of their house equities through equity release plans, they can feel relaxed.

David Cameron, the UK's Prime Minister, has stated in no uncertain terms that extra revenue from higher oil prices pour in to the country's treasury. Is it convenient for the common people' is a most relevant question of the hour. This boost to the volume of the revenue is not a positive boost for the living condition of the retired and old-aged Britons. No wonder, why they are going for equity mortgage release. As per a report published by the Office for Budget Responsibility, the fiscal watchdog, a significant rise in the demand for equity release schemes is being speculated as an outcome of the 9 petrol price rise.

While the UK's treasure would swell with an influx of extra revenue from gas companies and motorists, a significant section of the society would feel the pinch of petrol price rise. Researchers have different opinions about the benefit of the recent rise of fuel price. One group of researchers opines that people would buy fuel less than they used to buy before or they need usually. It will lead to the dwindling sale of fuel. Another group of researchers is hopeful of a tremendous boost to the growth of equity release markets. The retired homeowners' efforts to overcome the limiting effects of fuel price rise would drive up the sale of equity mortgage release.

Taking into account the downside effects of the additional 9 added to the monthly fuel bills of every two-car family, the Office for Budget Responsibility or the OBR estimates that the country's revenue gain in the current year would be outweighed by a significant amount of loss in the next year. It is unwelcome to the British Government and can upset the Government's plans to boost public finances. However, the recent petrol price rise adding to the monthly fuel consumption bills is good news to the equity release companies in the UK.

The retired who are not house owners will bear the brunt of the rising fuel prices more than the retired homeowners in the UK. It is the home equity release that has reduced the impact of the increased petrol price on the latter by many times. The owners of residential properties can enjoy the equity benefits of their residence against the present unfavorable economic condition only if the properties are in the mint condition. There are many other factors to consider for the UK's retired homeowners seeking equity mortgage release plans.

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