Third of pensioners `left facing mortgage debt`

6 October 2008

One in three UK pensioners is left with a mortgage debt after giving up work, it has been revealed.

According to figures produced by impartial.co.uk, on average, a homeowner aged 55 still owes £55,046 to their banks and has 7.8 years left on their home loan.

The average monthly repayment being made by such people is identified as standing at £725.

It was also found that homeowners aged between 35 and 55 typically owe £92,153 repayable over 13.4 years.

Commenting on the figures, Karen Barrett, marketing director of impartial.co.uk, said: "It is crucial that the next generation of homeowners do all that they can to be debt free earlier - as this will give them much more financial freedom to prepare for retirement."

Meanwhile, the Life Trust Foundation recently warned that as people continue to live for longer in the UK, there is an increased risk of pensioners facing debt problems.

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