Ways to save alongside equity release 'still exist'

Equity release schemes need to be combined with other forms of savings in order to ensure that people are making the most of the options available to them.

People may aim for a wide range of savings alongside planning for equity release in order to balance their financial expenditures.

George Ladds, head of investment and pension research at Fair Investment Company, suggested: "The best way to try and combat the effect of falling rates and inflation on savings is to go for longer term fixes and use tax free allowances."

He added that people shopping for financial options online were more likely to opt for long-term schemes than those walking into banks to learn about the choices available in the market.

This is because people walking into high street financial institutions simply do not have the knowledge of deals with better options that are made available online.

His comments follow in the wake of recent findings published by Moneyfacts which show that savers who invested in one-year bonds are currently being offered an all-time low rate of 2.62 per cent.

Ashall Glover Financial Services are equity release specialists.

Posted by Edward Simpson