Retired people 'still paying off mortgage debt'
More than a quarter of retired people in the UK are paying off a mortgage or another form of consumer debt, according to research.
Data from Key Retirement Solutions (KRS) reveals that the average pensioner is paying off debts of almost £300 a month.
For Dean Mirfin, KRS group director, the amount of mortgage debt being carried into retirement is a particular concern.
"Servicing debt cannot continue to be a way of life once you no longer have an income to enable you to comfortably make repayments and clearly, many pensioners will struggle," he added.
Another survey recently revealed that young people in the capital expected to wait around a decade before being able to afford a home of their own.
Many potential buyers may be disturbed by the news that retirees are continuing to pay off mortgages and could consider looking for property to rent in the London borough of Hounslow, or elsewhere in the UK, instead.
By Martyn Glynn
Published 27th April, 2010
© 2010 Estates IT Limited
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More people may be deterred from buying a house, as many retirees are still paying mortgages and could consider looking for property to rent in the London borough of Hounslow, or elsewhere in the UK, instead.