Letter: Short-term fix

JEFF Salway's article on the surge in equity release (27 July) raises some important issues facing people in Scotland - not least that people are risking their long-term financial security to meet the rising cost of living.

While equity release can be part of a long-term financial plan, it should not be seen as a short-term solution to help with regular day-to-day costs.

Homeowners should be aware of the long-term implications of borrowing money against the value of their home; it will limit any other future options they may have had in relation to their property, can affect entitlement to certain benefits and will reduce access to capital in retirement.

Anyone considering equity release must get the facts. We encourage people to seek independent housing advice and ensure that the scheme provider is regulated by the Financial Services Authority.

Gordon MacRae

Shelter Scotland

South Charlotte Street

Edinburgh