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20/04/2009 16:44:56

Retired Britons 'owing thousands on mortgage products'

Significant numbers of Britons are entering retirement still owing money on their mortgage.

Figures released by Key Retirement Solutions reveal the typical mortgage debt for those over the age of 65 stands at £43,069, with the average monthly payment coming to £205.

In an attempt to ease the difficulties owing thousands of pounds on a mortgage after giving up work can cause, it was revealed an increasing number of older people are looking to take advantage of equity release.

Research from the firm revealed a 38.72 per cent rise in those coming to Key Retirement Solutions to make use of equity between 2007 and 2008.

Dean Mirfin, director of Key Retirement Solutions Group, said: "Whilst we expect that some of today's pensioners will have the need to have an outstanding mortgage, we are concerned at the potential scale of the problem."

However, those considering equity release may first want to seek guidance from an independent financial adviser about the best monetary move for them.

Meanwhile, figures from the Council of Mortgage Lenders revealed that a total of 35,000 remortgaging loans were approved in February, a fall of 20 per cent from the previous month.

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