Specifically the fears abound when it comes to maintaining their standard of living something which comes as no surprise considering the annual disposable income of a single pensioner was just £9,256 in 2005/2006 according to the Department for Work and Pensions.
Downsizing is the most popular way to combat this. Based on recent findings, the typical British retiree is looking for a 2-bedroom bungalow outside London, with Sussex identified as the most popular retirement haven.
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When asked about the factors preventing them from upping sticks to a more affordable property, most retirees stated that it was simply the hassle of moving that was stopping them, followed by the finances this type of move required.
Moving home is widely regarded as one of the most stressful things you can do in life, and it stands to reason that this hassle is compounded as we get older, comments Mark Neal, managing director of Homewise. Whilst over 60s are put off by hassle, there is still a strong desire to find the perfect property in which to enjoy their retirement. Homewise has developed Find & Afford to address this issue, as well as concerns around affordability, in order to help our customers enjoy their well earned retirement.
Find and Afford is a type of equity release which offers retirees a lifetime lease on their desired property. It is always advised to seek the opinion of an independent mortgage adviser when considering any type of equity release.
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