Retirement News

Mortgage burden for 1.4m pensioners

MORE than a million Britons face paying their mortgages well into retirement.

BURDEN Now pensioners face paying mortgages into retirement BURDEN: Now pensioners face paying mortgages into retirement

As many as 1.4 million baby-boomer home owners now in their late 50s still have 10 years or more to run on their mortgages.

The average owed is £55,046 and they could be spending more than £725 a month repaying their loans, according to research by financial advice website Impartial.co.uk

Latest official figures show men pensioners have a total income from all sources of an average £257 a week, while pensioner women receive £229.

The report found that only 44 per cent of mortgage holders sought independent advice when arranging home loans.

The website’s Karen Barrett said: “This study suggests that many baby-boomers are facing up to the reality of still having a mortgage debt close to, or even beyond, their retirement age.”

She added: “It is crucial that the next generation of home owners do all that they can to be debt-free earlier.”

Those aged 35 to 55 typically owe £92,153 in mortgage, repayable over 13.4 years. Other research shows that growing numbers of baby-boomers could be forced to delay their retirement after racking up ­crippling levels of unsecured debt.

The average person aged between 50 and 60 who has taken out a debt management plan owes £41,400 through credit cards, loans and other unsecured borrowing, according to debt solutions group Payplan.

The figure is around a quarter higher than the amount of debt accumulated by other age groups, which averages £32,700.

Comments Unavailable

Sorry, we are unable to accept comments about this article at the moment. However, you will find some great articles which you can comment on right now in our Comment section.

Would you like to receive news notifications from Daily Express?