If you think it is time to plan for your retirement it might be worth talking to a mortgage broker about your largest asset – your home.

None of us are getting any younger, and these tough economic times have just hammered home the fact that we all need to set provisions aside for our later years – and thankfully it is happening. Legal & General says almost one in three people say they’re thinking of saving for retirement.

Claire Evans, L&G unit trusts marketing director says: “It is encouraging to see such a healthy rise this year in the number of people thinking about saving for their long-term retirement income, particularly in the younger age groups.

“We all appreciate the importance of starting saving as early as possible. I can’t stress highly enough that the sooner we start saving the better.”

So if you want to work out what to do with all your assets, talk to a mortgage adviser about your largest asset. While you may need to set aside money for a pension, you need to discuss your options when it comes to your home’s equity.

In years to come it might be necessary to unlock some of that wealth or even downsize your property – but it’s good to get an idea of what could be today.

SOURCE: L&G, 12/04/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog

If you are struggling to make ends meet, there has always been the option to sell up and find a more affordable property, using the proceeds to clear debt and start afresh.

But not anymore: Rightmove.co.uk has found that increasingly desperate sellers are slashing asking prices for homes in England and Wales by 2.9% in an attempt to sell their home at all – and on an average home of £180,000 that could be as much as a £5000 cut.

The property website said sellers are recognising the need for more drastic action as the market slows even more severely. This is bad news for anyone who hoped to use their home’s equity as a means of improving their situation.

There is, of course, always another way. Using a secured loan to turn your equity into cash means you do not need to move. You do not need to lose long-earned equity and you do not need to suffer one more sleepless night.

Talking to an adviser will give you a better idea of what you need to do to unlock capital. But it will not mean losing money needlessly, and it certainly will not mean losing the home that you love.

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.

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