Mortgage alert as 1 in 6 Britons to be burdened with repayments after hitting 65 - act now
A mortgage is one of the biggest financial commitments a person can enter into, and as such many will wish to pay this off while they still have a regular source of income. However, a survey undertaken by Hargreaves Lansdown has shown this goal is becoming further off for Britons. With one in six people expecting to be over 65 by the time they repay their mortgage, the average age individuals are expecting to repay the sum is 59.
Of course, paying the mortgage into later life is likely to become more common nowadays.
With property prices soaring, many will get their first foot on the ladder at a later age, and therefore, with a standard 25 year term will have the financial worry later on than previous generations have.
Indeed, as Ms Coles highlights, it may only take an odd “life hiccup” for payments to last well into a person’s 60s.
But paying a mortgage into retirement does not have to be a disaster for those faced with this prospect.
