Could equity home loans boost holiday prospects?

One third of Britons are set to take their finances into the red in an effort to get away this summer, according to new figures.

Brits are set to borrow over £12 billion to fund summer holidays, with the average person spending around £1,200, the Bright Grey data shows.

When asked about their reasons for risking their financial security for a trip abroad, one in ten said that they needed a holiday every year regardless of the economic climate.

This may see more people turning to equity release mortgages or home income plans to free up funds for a holiday, rather than relying on debtors with high interest rates.

Over half admitted that they do not have the money to repay debtors straight away, although around ten per cent take up to two months to pay off their debts.

Commenting on the figures, Bright Grey proposition director Roger Edwards said: "Planning ahead for the future financially can help avoid using expensive emergency measures to cover them for the short-term and also mean that everyone can enjoy the sun without the grey cloud of debt hanging over their heads."

Equity home loans from Ashall Glover Financial Services.

Posted by Edward Simpson