Could unlocking tax-free cash be the right solution for you?

With UK inflation at its highest rate in almost 40 years, for retirees, or those approaching retirement, there is no wage increase around the corner to soften the blow.

Many will be looking for ways to make their money work harder or using assets, such as their homes, to ease the financial strain.

According to data from Nationwide property prices have increased by 26 per cent in the last five years, which is why an increasing number of people have released some of the tax-free cash that they have built up from their homes.

Who is equity release right for?

Equity release is available to homeowners aged 55 or over. The amount of money that you can release is determined by the age of the youngest homeowner and the value of your home, which must be worth at least £70,000.

What can I spend the money on?

If you have an existing mortgage, you will have to use some of the money that you release to repay this, which will in-turn mean you have more disposable income each month because you’re not required to make monthly repayments with equity release.

You can also use the money for lots of other reasons, such as booking your dream holiday, providing a gift to family, or simply for day to day living costs.

How long will it take to receive the money?

Through the Mirror Money equity release service, you will receive access to a dedicated equity release adviser who will review plans from a range of lenders to find the most suitable solution for your individual circumstances. The advisor will make the process as smooth as possible for you, doing the hard work on your behalf and the money could be in your account in as little as 8 weeks.