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.”
2 November, 2023