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

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