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Northern Irish pensioners withdraw over £7m of property wealth


Pension

Retired homeowners in Northern Ireland cashed in on more than £7m of property wealth in the first half of 2017, according to a new report.

Key Retirement’s half-year equity releasing market monitor has revealed that this group made on average around £52,340 each tax-free by cashing in on their homes in the first six months of the year.

The research by the over-55s finance specialist found the size of payouts was having a significant impact on the standard of living in retirement by enabling pensioners to tackle financial issues.

Almost a third (30%) used some or all the money to clear debts (including credit cards and loans), while a further 23% used the funds to repay an outstanding mortgage.

Over a fifth (22%) used the funds to help family members. 

However, the main motivation for using property wealth was to fund home and garden improvements, with 64% using some or all the cash to revamp their property.

Dean Mirfin, technical director at Key Retirement, said: “Property wealth is making a huge contribution to retirement planning, and that is demonstrated by the growth in the value of equity being released in Northern Ireland.

“Across the region, a 74% increase in lending demonstrates just how popular equity release is in helping improve retirement finances.

“Equity release is a real alternative for over 55s who are seeing traditional retirement income solutions squeezed by historically low interest rates, and pension incomes hit by historically low annuity rates.




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