Could equity release offer debt-ridden Brits respite?

Equity release may provide some much-needed financial respite for many Brits, with research showing one in ten are living in their overdraft.

Ten per cent of British adults live permanently in their overdraft, according to a survey by moneysupermarket.com.

A further four in ten have dipped into the red at least once in the last 12 months.

The situation has improved markedly over the last year, with the number of people permanently overdrawn falling by seven percentage points, the poll indicates.

Responding to the figures, the Consumer Credit Counselling Service called on homeowners struggling with debts to seek help.

This could include exploring financing options with the bank or seeking an equity release mortgage to service the overdraft deficit.

CCCS helpline manager Laura Carver explained: "If you find you are routinely living beyond your means when it comes to day to day living expenses, call our helpline for free advice and support.

"The sooner you call us the more we can do to help you."

Ashall Glover Financial Services are equity release specialists