Britons' 'increased savings' may create equity release opportunity

Many British people have been putting more money into savings over the past year, which could mean that they will be in a better position to take advantage of equity release schemes.

Thrifty Britons have saved £59.4 billion in the last 12 months, according to figures from Santander.

Monthly cash savings deposits have shown an increase of 34 per cent over the period, the data suggests, with the average saver now putting away £219 each month, compared to £163 per month a year ago.

The figures reveal that as a nation we have collectively put away an impressive £59.4 billion over the past 12 months alone.

Pierre Williams, head of research at MoneyExpert.com, pointed out that low interest rates have made it a disappointing time for savers.

But he added: "People with mortgages have been the big winners - and if you can afford to overpay on your mortgage, you can make big long-term savings."

Ashall Glover Financial Services are equity release specialists