The Times newspaper reports today that one in six home owning pensioners has an outstanding mortgage, with an average debt of £45,313.
A third of pensioners with a mortgage owe more than £50,000, and one in ten has a debt of more than £100,000, the YouGov poll of 1,472 people aged 55 and over found. That brings the total mortgage debt of pensioners to £47 billion. Although the situation can put increased pressure on incomes during retirement, the bank expects the trend to continue. Just over half of people aged between 55 and 65 who are yet to retire are still burdened with a mortgage averaging £ 61,856.
Read the report it in full here.