Seven million will use equity release

A survey conducted by Fool.co.uk found that two in seven homeowners are planning to use equity release schemes when they retire. The research also found that a quarter of homeowners surveyed would cut their pension contributions to make mortgage payments because they think they will make up for it with rising property prices. David Kuo, head of personal finance at Fool.co.uk, says: “Given the housing boom of the last few years it's not surprising that some people have turned their backs on traditional pensions and focused instead on the value of their homes. “However, it is vitally impor...