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Gap year holiday to be paid by equity release mortgages

23 September 2011

Many older people may dream about heading off to travel the world as part of a gap year holiday, but worry about how they would be able to afford to go on such an extravagant trip.

Equity release mortgages could be one way to raise the necessary money to take such a jaunt, while homeowners would not have to worry about where they will live once they return.

According to Tim Fenton, general manager at Gapyear.com, there has been an increase in the number of older people signing up to the site in order to access information about going on an extended break abroad.

He stated that they are very welcome to check out his site and pointed out individuals aged 55 are still 10 years younger than rock star Mick Jagger, a member of The Rolling Stones who is still working on side projects including a new album with the Superheavy act.

Retirement income

Mr Fenton pointed out some people may have been able to take a large lump sum on their retirement from work and they will be treating themselves to a gap year holiday in order to spend some of the cash and enjoy the experience of a lifetime.

But for those who do not have such money available to them, equity release schemes could prove to be a good option as a way to raise funds without sacrificing the security of a home.

Mr Fenton suggested that older people in the 21st century have the same sense of adventure as a 24-year-old, which may encourage them to go ahead and book a gap year break abroad.

Planning a break

"Others have learned how to blend life and work and this is the latest trip in an ongoing series," he commented, going on to note the differences in the way an older person may go about planning an extended break away from the UK.

"They tend to want a bit more certainty in advance about where they're going to sleep and what sights they can visit."

Others may look to use the equity release calculator from Key in order to see if they can raise enough cash to buy a holiday home abroad.

Research published by Standard Life recently found that Spain is the most popular destination in the world for those looking to do this, with other locations in the top five including the US and Ireland, as well as France and Australia.