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One in three will be paying off mortgage in their 60s

Lucinda Beeman
Written By:
Lucinda Beeman

Nearly one in three people with a mortgage will not clear the debt until they are 60 or older, according to mortgage broke Ocean Finance.

Of these, almost five per cent will be over 70– and past the current pension age in the UK– by the time their debt is clear.

Ian Williams, a spokesman for Ocean Finance, said: “Not long ago, most homeowners would have paid off their mortgage by the time they reached their 50s and so could enjoy living a few years mortgage-free before they retired, or even choose to retire early.

“But as the average age of first-time buyers continues to rise, millions are now in a situation where they won’t have finished repaying their mortgage until they’re about to retire.”

Mortgage customers in the East Midlands are most likely to still be paying off debt when they’re over 60 – 19 percent will find themselves in such a situation if they continue repayment at their current rates, while residents of the South West are most likely to have paid off the entire debt by their 61st birthday.