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As gas and electricity prices rise, is it time to seek equity release advice?

05 July 2010

UK homeowners are set for a "depressing" time as the price of household utility bills is set to rise, it has been suggested.

This could encourage a number of people aged over 55 years to consider releasing some of the value of their home through a lifetime mortgage, in order to ease the burden of fuel bills.

Confused.com recently commented that wholesale gas prices have increased, meaning some of the best deals on offer have been removed from the market.

Lisa Greenfield, the website's energy analyst, said this was an "ominous" sign.

"It's depressing news for households as all signs suggest our gas and electricity bills are going to increase," she said.

"Customers who want to protect themselves from rising prices should go online and take a fixed rate deal before they get withdrawn."

Homeowners aged over 55 can find out how their property could provide them with a tax-free cash lump sum by using the equity release calculator at Key .

Posted by Claire Ford