Mortgages won’t be paid off by age 65

One in 10 retirees still have a mortgage debt when they stop working.

Research*  has found that 32% of mortgage holders do not think they will pay off their home loan by 65.

Looking at retirees, one in 10 still had mortgage debt when they stopped working. The average mortgage debt outstanding at retirement was £38,000. Almost two-thirds (63%) of those who retired with an outstanding home loan debt had to pay this off using their pension. 

David Stevens, Director of Savings and Retirement at LV= said, “High inflation combined with longer mortgage terms means that more people will be forced to continue paying mortgages during retirement. This could result in less discretionary income for pensioners to spend on the more enjoyable things they had in mind for their retirement.” 

Your home may be repossessed if you do not keep up repayments on your mortgage 

 

* LV= 

 

2 November, 2023

More news

21 January, 2025

Home insurance premiums are showing signs of stabilising after a period of significant increases, ac
Premium income for home and motor insurance has been rising sharply in recent years. In 2023 the growth rate was 8.8%, but in 2024 this slowed to an estimated 7.9% and is expected to keep easing in th

16 January, 2025

House prices are expected to stay on a positive trajectory over the course of 2025*.
House prices returned to growth in 2024, with prices increasing by 1.5% in the 12 months to October – an improvement on -1.2% the year before. The average UK house price is £267,000 and is expected

6 January, 2025

If you’re buying a home, home insurance is not the only protection you will need – you should al
Income protection If you are unable to work due to illness or injury, income protection insurance provides a replacement income. This is typically 50% – 65% of your earnings rather than the full
Web Design Derby - Frogspark Privacy Policy Cookie Policy Modern Slavery Policy