UK homeowners could be wasting thousands of pounds each year paying for "useless" financial products, according to a new report.
People tied into contracts for such items could now seek equity release advice to see if the value of their homes could ease their financial troubles with a tax-free lump sum.
A recently-published report by consumer watchdog Which? has listed the top ten "useless" financial products, which can leave people out of pocket or with a poor credit rating.
Among the top offenders were mobile phone insurance and extended warranties on goods.
Which? claimed that most mobile phones can be covered by standard home insurance, saving people up to £100 per year, and that warranty products are "too expensive to ever be worthwhile".
Other products deemed "useless" by the report included store cards and debt management plans.
Homeowners looking to ease their debts or just boost their finances can find out how the value of their property could help by using Key Retirement Solutions‘ equity release calculator.
Posted by Tom Papworth
