A MALTON pensioner is warning others not to be tempted by finance firms offering to buy their homes for cash.

Retired taxi driver Albert Kitching said he was offered just £80,000 for his property by one of these companies – nearly half of the value of the former council house on Lime Tree Avenue.

Homes in Malton and Norton have been targeted by equity release firms who snap up homes and rent them back to the former owners until their death.

A recent bout of ill health and money worries meant he was tempted by the offer, he said, but after a relative told him of an article in the Gazette & Herald he sought advice from the Citizen’s Advice Bureau.

The 67-year-old said: “Luckily for us we had not signed the final papers and when CAB pointed out that our home was being sold for a staggering £70,000 less than its market value and we would have had very much reduced security for the rest of our lives.

“My wife and I decided against the whole thing and I’m so grateful for their advice.”

Instead of selling their beloved home, the couple are thousands of pounds better off through the advice of volunteers at the organisation.

He added: “We have worked all our lives, so of course when I had to retire suddenly through ill-health, I had no idea what I could claim. So I urge other people to think and get advice before they enter into one of these and that’s where our local CAB has saved our bacon.”

Staff from the bureau have urged others to tread carefully when they have money worries and come to them for free guidance.

Malton’s CAB manager, Sue Bywater, said: “We are very grateful to the Gazette & Herald for publishing our advice column. In Mr and Mrs Kitching’s case it has proved to be a great outcome. Our aim is to inform people of their rights and protect people from unscrupulous practices, especially when they stand to lose so much.

“Mr and Mrs Kitching have benefited enormously from their visit to the bureau, not merely in retaining all their interest in their home, but in having their income improved by getting all the benefits they are entitled to. Now they are £4,800 better off this year as a direct result of their visit to us.

“Sadly many people come to us too late. I would urge local people to get advice before acting. It could save them a lot of heartache.”