Millions of people in the UK expect to be still paying off their mortgage when they reach the age of 65, according to new research.
And some of those people will be dipping into their pension pots to do so.
The survey, undertaken for the LV= and Wellbeing Monitor, took in 4,000 UK adults, and the results revealed that a large number of today’s mortgage holders will face paying their home loans years after normal retirement age.
Some people will never clear their loans the research found, and that number is increasing year on year.
Yet only 4% spoke to a financial adviser about their mortgage commitments.
Lifetime would certainly encourage people to seek guidance and advice from a financial and mortgage expert when it comes to such an important topic.
The key statistics that emerged from the survey were:
- 12% of retirees (equivalent to 1.5 million people) said they still had an outstanding mortgage loan
- 56% said they used their pension to pay off their mortgage
- 33% (the equivalent of 4.5 million people) who are yet to retire do not believe they will have paid off their mortgage by the time they get to age 65
- 9% are unsure if they will ever pay off their mortgage loan
- 6% said they continued to do some paid work to help pay off their mortgage
- 5% downsized
- 5% used equity release
At Lifetime we don’t just have specialists in planning, investments and pensions but we also have Scott Kershaw, our mortgage adviser (pictured below). Backed by a dedicated administrative team, Scott helps clients with new mortgages, re-mortgages and protection.
If you would like any information on your mortgage situation, or to speak to Scott, then please contact us through our website (https://www.lifetime-fm.com/contact-us/) or call our office on 01226 208600.