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

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Thanks to the continuing tough economic climate, the focus in all lending activity is risk and as a result unsecured personal loans have seen some of the sharpest increases of recent times.

In fact, personal loan rates stand at a nine year high, according to Moneyfacts. Lenders are unhappy to offer money to people with no security. On the other hand, lenders are still offering money to people who are able to afford to secure debt against their home, safely.

Michelle Slade, analyst for Moneyfacts says: “Unlike on a mortgage, there is no security that a personal loan debt will be repaid. In such a risk adverse market, lenders are only offering loans to the most creditworthy applicants and then at a premium."

The website says there is now a £1,055 difference between the cheapest and most expensive £5,000 personal loan – for those people who are unable to secure the cheapest deal, that's expensive money indeed.

Andrew Hagger of Moneynet.co.uk says: "With banks and building societies still adopting a far more cautious stance even when it comes to mortgage lending, even with your property as collateral, it’s no surprise that the appetite for unsecured lending has pretty much dried up."

If you want affordable loans, you need security in 2010, and that is only possible with a secured loan or a mortgage. Talk to a secured finance specialist about your ability to use your home as a means of getting hold of cheaper credit.

SOURCE: Moneyfacts, Moneynet, 01/02/10

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