15th September 2015
One in seven over 70s are still repaying a mortgage, new data suggests.
The study, by Saga Equity Release Advice Service, found that, of those aged 70 and over who still have an outstanding home loan, the average amount left to repay is £40,000.
Meanwhile, one in three over-50s are still carrying a mortgage debt of on average £50,000.
Shopping around for a new mortgage could help borrowers to pay off their debts more quickly, but around one in three over 50s say they have never tried to renegotiate their mortgage.
One in ten over 50s say they are concerned about their lender’s maximum borrowing age and it appears they are right to be worried as 7% say they have been prevented from moving their mortgage to a more competitive deal because of their age.
Alex Edmans, head of retirement at Saga Personal Finance, says: “Millions of older homeowners have found themselves abandoned by mortgage lenders and stuck in uncompetitive deals because of the unfair age restrictions that many lenders have in place.
“If these people had access to a better deal they wouldn’t have to pay as much back each month which would leave them with more money to enjoy their retirement.”