MR C from Sutton, was very interested in a recent article about a unique mortgage product called the Shared Appreciation Mortgage, currently available in Britain from Bank of Scotland, which allows the elderly to release equity in their home.

"Can you advise to whom I should apply? I am interested in releasing the maximum amount of equity allowed by the scheme. I am age 72 and my wife is 66."

A number of readers have contacted us regarding this scheme which allows up to 25 per cent of the value of the property to be borrowed at a zero interest rate.

Upon the death of the borrower, or the sale of the property, the capital must be repaid plus a multiple of the percentage of the borrowing from any growth in the value of the property.

Unfortunately, this unique scheme is only available in Britain and banks here have told Family Monet that they are aware of its existence but have no plans to introduce a similar product in Ireland.

However, one senior figure in AIB said recently that this is one of the most important issues the bank needs to face in light of the fact that an increasing number of its clients are not only ageing and seeking higher retirement income, but are sitting on increasingly valuable properties.