- 25
- Sep
More than a third of homeowners face the prospect of working into retirement just to pay their mortgage according to new research from current account mortgage provider The One Account.
- 36% of homeowners predict they’ll be at least 60 before they own their home
- 43% of homeowners believe their mortgage prevents them from saving
The research also shows that the size of the UK’s mortgage debt is preventing people from saving with 43% admitting that they are unable to put anything aside for a rainy day or more importantly for their retirement. For 25-29 year olds, 17% admitted that their mortgage repayments are preventing them from starting a family.
The research shows how many people see owning their home as a priority above all others; 20% of homeowners believe they won’t pay off their mortgage until they are in their 50s and as a result, many believe that they won’t be able to live the lifestyle that they would like to live in their retirement years.
“Paying off a mortgage should not mean that people have to put their life plans on hold,” says Debbie Milsom of The One Account. “It is worrying that homeowners perceive that it will take them until they are in their 60s before they pay it off when they should be spending this time preparing financially for their futures. A mortgage is perceived by many to be a huge burden but there are ways that people can manage these payments in a flexible way - giving them the opportunity to pay off their mortgage early.”
The One Account have created a combined current account and mortgage so that overpayments can be made at any time. Home owners interested in paying off their mortgage early can get an idea of term reductions by checking out The One Account’s Mortgage Shrinker at www.oneaccount.com.
~ Interfinancial brings you hot financial news and bulletins we feel will be of interest to homeowners seeking secured loans. We seek out the best rates for our clients. Poor credit history need not be a bar to getting a secured or unsecured loan.
