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Those considering equity release should 'move fast'

Those homeowners considering triggering equity release on their property may be wise to move fast, considering the house price drops foreseen by experts.Alex Edmans, a personal finance adviser from Saga, has reminded Brits that with house prices falling, the amount of money available to be borrowed through equity release will go down.Mr Edmans went on to warn that customers must ensure that their deal has a 'no negative equity guarantee' so as to avoid ending up in debt."With falling property prices customers will see a reduction in the amount of equity they can raise, therefore if you are considering arranging equity release in the near future, then it might be advisable to do so sooner rather than later," he said.According to the Land Registry's most recent house price index, house prices in England and Wales experienced a 0.2 per cent drop over April.

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