Property and deferred payments

You may choose to rent out your property, which could give you enough income to cover the full cost of your care. There are advantages to this as you will not accrue a debt, be liable for interest and administrative charges and your property will be occupied. Your tenant will be paying utilities and council tax which will reduce your outgoings.

However, you may be able to rent out your property and also have a Deferred Payment with us as the rental amount may not be sufficient to cover the full cost of your care.

There are also various equity release products which may be suitable for your personal circumstances.

You may also choose to pay the full cost of your care yourself from your income and savings, or to have some help from family members to do so.

We strongly advise that you should take independent financial and legal advice to help you decide which course of action will be financially better for you. Further information can be found on our managing your money pages.