Prudential property value release plan recommended to Scots

www.moneynews.co.uk > Housing market > Prudential property value release plan recommended to Scots

Prudential property value release plan recommended to Scots

Fri 21st Sep 2007

Prudential has recommended its property value release plan to older people in Scotland after research through new light on how much money may be tied up in their homes.

The institution estimated that, in the first quarter of this year, retired homeowners north of the border were sitting on property equity worth £41.69 billion.

For the same period last year, the value was thought to be £37.11 billion.

Available to homeowners where the youngest applicant is aged between 60 and 84, the property value release plan allows customers to take out one lump sum or an amount each year.

"More retired homeowners are releasing equity from [their homes]," said Ali Crossley of Prudential.

"Indeed, retired homeowners have released approximately £302.3 million between May and July this year through equity release plans."

Two out of seven people in the UK plan to release equity from their home to help fund their retirement, according to Fool.co.uk.

Related News : Housing market
	Nationwide housing market report 'shows little progress'
	Nationwide housing market report suggests people value rail proximity
	Halifax housing market study 'shows slowdown in price growth'
	Positive news for 'nearly all' UK regions, according to Nationwide housing market document
	Nationwide housing market research 'shows stable picture'
	Firstrung: Abolition of Hips 'has had no impact on housing market'
	CIH: Parents question children's ability to take out a mortgage
	Rightmove: UK house price growth slowing down
	Halifax highlights popularity of coastal properties
	Santander claims HIPs were 'headache' in the housing market

Related News : Prudential
	One third of workers have no pension, claims Prudential
	Falls in the stock market 'will not affect some retirement savings'
	Pensioners 'to lose millions in spending power over next 12 months'
	Prudential supports government pensions calculator move
	Prudential notes pensions calculator pattern
	State pension 'may not be enough to retire comfortably'
	Prudential warns that retirees could face a life below the poverty line
	Prudential highlights retirement calculator trend
	Prudential notes growing pensions calculator trend
	Prudential notes gender gap in pensions calculator in 2010