People use equity release to pay bills

03 January 2008 / by None
Equity release is becoming a more "mainstream" option, with many people choosing to use such services to pay bills, it has been claimed.

A survey conducted by Newcastle Building Society Equity Release Service found that 45 per cent of people think equity release is a potential move for them.

While 59 per cent said that they would use the money to improve their quality of life, a significant number of people would consider such services to help pay bills and other debts.

Bob Mottershead from the firm said: "Equity release has been the subject of a lot of bad press but almost half of people seeing it as a possibility indicates it is becoming a mainstream option."

However, these services may not be suitable for everyone, so it is important that people seek professional advice, he added.

Consumers appear to be increasingly turning their attention to addressing their household bills, as a recent survey by Nationwide revealed that sorting out TV, phone, broadband and mobile deals was one of the top ten financial new years resolutions for consumers.

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