Further options explained Downsizing
By selling your home and moving to a smaller or less expensive property, you may be able to generate a cash lump sum to help boost your finances in later life. This can be a viable alternative to borrowing against your property; providing you have an appetite for the housing market and aren’t looking to remain in your current home. Unsecured borrowing Typically, through an unsecured loan, you can borrow from £1,000 up to £25,000. The term of the loan and the monthly repayments are usually fixed. So, if you make all the required payments, the loan is guaranteed to be repaid at the end. Using existing assets If you’re able to use any existing assets to help meet your needs throughout later life, such as a pension or savings, your adviser will always recommend you do so before considering property and non-property-based borrowing. Grants and benefits Grants and benefits may be available to those on a low income who need help with a one-off expense or general living costs. There’s an extensive range of financial support available for many needs, such as housing costs, cost of living, and pensions. turn2us.org.uk is a national charity that can help you understand which grants and benefits may be suitable for you. Support from friends and family Could a friend or family member provide the financial support you need? Or are you expecting to receive an inheritance windfall in the future that could help you meet your needs? Although it could be a tricky conversation to tackle, receiving support from family or friends will likely be a much cheaper option than borrowing against your home or moving.
For more information on all your other financial options in later life, download Key’s free guide.
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