It has recently been announced that 1 in every 5 homeowners will be still be repaying their mortgage well into retirement.
It is thought the reason for this is mainly due to many people still being on interest only loans and first-time buyers becoming much older when they purchase their first home.
According to research by The Money Charity, the average first-time buyer home in more than 40 percent more expensive that it was only 6 years ago.
Many first-time buyers have expressed that they believe that they will be much older than expected by the time they clear their mortgage mainly due to having to cover the cost of having and raising a family.
This means that up to 6 in every ten who will still have an outstanding mortgage on their home, post retirement have no plan for repaying the monthly instalments once they’ve stopped earning.
This is very concerning for couples and families that will face the choice of either continuing with working beyond retirement age or alternatively losing their home.
Before it gets to such a point, it is always worth taking independent mortgage advice from a qualified adviser. Here at Online Mortgage Calculators we can provide with you mortgage advice, why not give us a call today on 03333 44 85 11 or email email@example.com and we’ll be in touch as soon as we can.