Eq­uity re­lease could help you es­cape to the sun­shine

The Galloway News - - DISTRICT NEWS -

by cash­ing in on their homes dur­ing this time. Key’s Mar­ket Mon­i­tor found a third of Scot­tish pen­sion­ers are us­ing the wealth tied up in their homes to pay for hol­i­days.

You may want to re­lax by a pool in sunny Spain, or go sight­see­ing in Por­tu­gal or Malta.

Walk­ing en­thu­si­asts can ex­plore the lev­adas of Madeira, the At­lantic is­land famed for its lush green­ery and ex­otic flow­er­ing plants.

Closer to the equa­tor, the Ca­nary Is­lands en­joy year­round sun­shine on beach des­ti­na­tions such as Tenerife and La Gomera.

If you’ve al­ways dreamed of go­ing fur­ther afield, you could visit China, Ja­pan, South Amer­ica or In­dia.

Or you could travel across the globe to Aus­tralia and New Zealand where the cli­mate is per­fect at this time of year.

Peo­ple also re­lease their prop­erty wealth to make home im­prove­ments (64 per cent), to clear debts (30 per cent) or to pay off their mort­gage (23 per cent) and more than a fifth used it to help rel­a­tives.

Dean Mirfin, tech­ni­cal direc­tor at Key Re­tire­ment, says: “Eq­uity re­lease is a real al­ter­na­tive for over-55s who are see­ing tra­di­tional re­tire­ment in­come so­lu­tions squeezed by his­tor­i­cally low in­ter­est rates, and pen­sion in­comes hit by his­tor­i­cally low an­nu­ity rates.”

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