Looking for equity release? Don’t fail to claim your state benefits

Research from Just Retirement Solutions, reveals that more than half the customers seeking advice on equity release are failing to claim any or all of the state benefits they are entitled to.

Their research found:

• 20% were failing to claim any benefit, up from 18% in 2010
• On average these people are losing £872 a year, with the biggest loss £8,766
• 34 % are receiving some, but not all their benefits, up from 26% in 2010
• On average these people are losing £676 a year, with the biggest loss £1,408

Stephen Lowe, director at Just Retirement, says: “The figures provide more compelling evidence of a ‘squeezed middle’ who are finding it hard to make ends meet.

“They tally with official figures showing it is mainly home owners on low incomes who are missing out.”

Earlier this year, the Department of Work and Pensions released figures showing that around one-third of those entitled to Pension Credits fail to claim.

The total income lost is between £2bn and £2.8 bn a year. Its figures show that of those who fail to claim, a whopping 78% are owner occupiers.

Source: Mortgage Strategy