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Mortgage holders still paying on a pension, study shows

Tue, 26 Sep 2006

Many UK residents who have a mortgage will still be making payments long after they have drawn their pension, according to new research.

More than one third of borrowers could be forced to work on after reaching retirement in order to make their mortgage repayments, The One Account's study found.

Furthermore, 43 per cent of borrowers states that their mortgage payments prevent them from making adequate savings toward a pension.

Also, 17 per cent of respondents between the ages of 25 and 29 were concerned that paying off their mortgage would prevent them from being able to afford to start a family .

Debbie Milsom of The One account commented: "Paying off a mortgage should not mean that people have to put their life plans on hold.

"A mortgage is perceived by many to be a huge burden but there are ways that people can manage these payments in a flexible way - giving them the opportunity to pay off their mortgage early."

The Council of Mortgage Lenders recently released research showing that total lending for mortgages rose to £32.7 billion in August, a new record.

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