One in six people – 15% – expect to be paying off their mortgage over the age of 65, shows research from Hargreaves Lansdown. (Gary Adam – Mortgagestrategy) This compares to 18% of survey participants answering likewise in 2020, despite 2.9 million people having taken out a mortgage holiday during the pandemic. Hargreaves Lansdown personal finance analyst Sarah Coles points out that, “this is likely to be because when payments restarted, mortgage companies tended to increase monthly payments instead of extending the mortgage as a default, and it seems borrowers have accepted these bigger bills rather than paying their mortgage for longer.” And of those aged 55 or over who still have a mortgage of the 2,000 people asked in Hargreaves Lansdown’s latest survey, 19% anticipate paying off their mortgage over the age of 70 and 5% believe they’ll never repay their mortgage in full.
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https://www.themortgagebureau.co.uk/remortgage/one-in-six-to-be-paying-off-mortgage-at-65/
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