NEARLY eight million people in the UK plan to use their house as their second source of income for retirement after their pension, a new survey has revealed.
Lincoln Financial Group discovered 7.6m people planned to use their property to provide cash when their working life ends. The research also showed the average homeowner does not expect to have paid off their mortgage until they are 56-and- a-half. Ian Noble, head of strategic partnerships at Lincoln, said: “We all know the phrase ‘safe as houses’ but it appears many of us are perhaps taking it a bit too literally by relying on our homes to fund our retirement after our pensions. “It is potentially risky to believe your home will provide for your retirement if your pension is no...
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