One in six over-50s will need to cash in on their home's equity!

15% of people aged over 50 feel that the cost of living crisis is having such a huge impact that they will have to either sell up and downsize, or consider resleasing equity from their homes in order to supplement their income. This figure rises to 27% amongst those aged over 80. According to research by LiveMore, a specialist "later-life" lender, nearly half of this age group will be impacted "a lot" by the rise in the cost of living this year!

LiveMore also found that most of those that responded blamed the goverment for the current financial situation, with most saying they felt "very negative" about the economy, and three-quarters thought they were not getting sufficient support from the governement. The most dissatisfied respondants were from the North-East, Northern Ireland and Scotland.

Leon Diamond, LiveMore's CEO, said “People aged 50 to 90+ are often portrayed as being financially comfortable but the LiveMore Barometer reveals that the truth is far more complex – not just across the different age ranges but geographically too.

“The reality is that our survey shows because of the cost-of-living crisis, many aged 50-90+ will have to make major financial decisions this year about what is often their greatest financial asset, their homes.”

Paul Skinner, an independent mortgage expert from PKS, commented “Older people often shy away from borrowing, and this is exacerbated by high street lenders making it harder and harder for pensioners to get a mortgage.

“However, at PKS we have a wide range of connections which allows us to help most people, regardless of their age. It is essential that older borrowers receive the right advice, from both a mortgage specialist and a legal adviser. For this reason, we always ensure our clients speak to the most appropriate people.”

If you are considering downsizing or releasing equity from your home, please seek the advice of an independent mortgage expert before making any decision. Feel free to contact Paul Skinner on 01256 701205 or [email protected].