The Budget has increased the pressure on pensioners income, with the freeze in their allowance and the new 7% stamp duty for buyers of £2 million homes, according to Key Retirement Solutions.
Retired people needing to sell their home to raise money won’t have to pay the new stamp duty rate but could end up paying the price if sales fall through or are delayed.
We are seeing an increasing number of customers with £1 million and £2 million houses using equity release to free up cash and would expect this could increase.
– Dean Mirfin, Group Director at Key Retirement Solutions
The Budget has held out the prospect of a flat rate £140 State Pension which is welcome when it comes but the freeze on personal allowances will have a massive effect on pensioners next year and beyond.”