Equity release could cover rising fuel bills
Homeowners aged between 55 and 95 may be concerned about the state of their finances after it was revealed energy bills are likely to go up at some point this year.
According to research conducted by price comparison site uSwitch.com, online prices have started to creep upwards,even though standard tariffs are at about the same level.
Those who have signed up online for an energy deal now pay on average £1,091 a year, compared to the offline amount of £1,252 annually.
Equity release may be an option for those who are worried about their ability to pay their bills for the rest of the year, with the products allowing them to unlock some of the money that is tied up in their house's value and provide them with a monthly income or a lump sum.
Emma Bush, energy expert at uSwitch.com, explained the recent rise in online prices reflects the volatility in the energy market at the present time.
"The good news though is that online plans still offer a £161 saving on standard prices. But what it does mean is that now is the right time to be snapping up one of these deals as we could see online prices climbing higher," she said.
Homeowners were therefore urged to move quickly and sign up to a good energy deal online before the prices push up even more in the coming weeks and months.
Ms Bush claimed suppliers would need to see a consistent trend in substantially higher wholesale prices if they were to be able to justify a general price hike, although only SSE has pledged to hold tariffs until October.
Last month, deputy prime minister Nick Clegg stated a landmark deal that has been agreed between the coalition government and the UK's major gas and electricity providers is going to lead to consumers seeing their energy bills come down in the near future.
Posted by Tom Papworth
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NOTES TO EDITORS
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Founded in 1998 Key Retirement Solutions is the leading over 55’s specialist adviser. Key Retirement Solutions is a limited company registered in England No 2457440 with its Head Office at Key Retirement Solutions, . Key Retirement Solutions is authorised and regulated by the Financial Conduct Authority.