Mortgage Debt for a Third of Pensioners
A third of UK pensioners are facing mortgage debt, according to figures released by impartial.co.uk. Their results show that the average 55-year-old homeowner still owes £55,046 to their mortgage lender and almost eight years left of their mortgage repayments.
Worryingly 1.4 million still have at least ten years left on their mortgage when they reach retirement age, meaning that many are going to have to seek advice about how they can afford to pay of their mortgage after they are no longer earning an income from employment.
Marketing director at impartial.co.uk, Karen Barrett, said: “It is crucial that the next generation of homeowners do all that they can to be debt free earlier – as this will give them much more financial freedom to prepare for retirement.”