Energy deals have been “creeping up” so much so that the cheapest deal is now £900 per year, according to a new report.
This could inspire a number of people aged over 55 years to use an equity release calculator to see how the value of their property could provide them with a tax-free cash lump sum to help towards their household bills.
Figures released by price comparison website uSwitch.com have revealed that while standard energy rates remain “steady” at £1,194 per year, online tariffs, which are traditionally cheaper, have started to rise.
Emma Bush, the website’s energy expert, said: “This is the warning sign we’ve been waiting for. Online plans are always competitive, but they have represented particularly good value over the last ten months after the average price fell below £1,000 in September last year.
“However, because they are so keenly priced they are also the first to reflect any volatility in the market, which is why we have started to see online prices creeping up.”
The UK’s older population, who traditionally spend a larger proportion of their income on heating, can find out how a lifetime mortgage could boost their income with equity release advice from Key Retirement Solutions.
Posted by Tom Papworth
