Mortgage debt will lead to longer working
More than a third of homeowners will work into retirement to pay off their mortgages, according to a new survey.
The survey from One Account found 36% of mortgage holders think they will not own their homes outright until they are over 60 meaning many of them will have to work longer into retirement to pay off the debt.
And to make matters worse, the survey found that the heavy mortgage debt held by Britons is preventing almost a half of them from saving. This is likely to impact upon their retirement fund further increasing the amount of time they need work into retirement.
Plans to start a family are being put on hold too. Nearly a fifth of 25 to 29-year-olds said the cost of their mortgage prevented them from starting a family.
The burden of debt on mortgage holders has also been revealed by recent figures from the Citizens Advice Bureau showing that 770,000 people missed at least one mortgage repayment in the past year.
More than a third of homeowners will work into retirement to pay off their mortgages, according to a new survey.
The survey from One Account found 36% of mortgage holders think they will not own their homes outright until they are over 60 meaning many of them will have to work longer into retirement to pay off the debt.
And to make matters worse, the survey found that the heavy mortgage debt held by Britons is preventing almost a half of them from saving. This is likely to impact upon their retirement fund further increasing the amount of time they need work into retirement.
Plans to start a family are being put on hold too. Nearly a fifth of 25 to 29-year-olds said the cost of their mortgage prevented them from starting a family.
The burden of debt on mortgage holders has also been revealed by recent figures from the Citizens Advice Bureau showing that 770,000 people missed at least one mortgage repayment in the past year.
posted by tony at 7:28 PM
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