A growing number of over 50s are moving towards retirement saddled with thousands of pounds in mortgage debt. Research from life insurance group found 14% of over 50s are still paying off a mortgage. The region with the highest proportion was Northern Ireland, where 20% of over 50s are still making repayments, with an average of £50,409.09 in mortgage debt to pay off.
This was followed by the North West of England, where 19% of people in this age group still having a mortgage, with on average £48,839.55 outstanding to pay. Yet 30% of over 50s in the region have no private at all.
There area with the highest average mortgage debt for over 50s was East Anglia, with £97,015.63 outstanding. This was followed by London, with £96,471.43 on average left to pay and the South East, where average mortgage liabilities stand at £95,905.77.
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was the area where the most people had some debts to repay, with 53% of those surveyed with some form of debt. Mark Screeton CEO of SunLife, said: "Our research shows a clear ‘postcode lottery’ when it comes to retirement, where people’s ability to enjoy later life appears to be impacted by where they live.
"Whether it is mortgage repayments dragging into retirement or higher levels of consumer debt, older people in some areas are facing greater financial concerns than others." He warned that older Londoners in particular may be struggling: "In London, particularly there seems to be a ‘perfect storm’ of low homeownership, high debt, below-average income, and intense financial anxiety, all at a time in life when many would hope to feel more secure."
In the capital, just over half of over 50s have some debts. The average mortgage holder pays £1,229.79 a month in repayments with an average income of £31,164.34, or around £2,590 a month, meaning almost half of their monthly income is going towards their mortgage.
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There were two other areas with average mortgage repayments above £1,000 a month, these being the South East with £1,223.67 a month and the North East with £1,196.69. Meanwhile, the area with the lowest average mortgage repayment was Northern Ireland, where average repayments are around £643.61 a month.
These were the full survey results for how many over 50s still had a mortgage, with the average bill left to pay:
- Northern Ireland - 20% - £50,409.09
- North West - 19% - £48,839.55
- South East - 16% - £95,905.77
- East Anglia - 16% - £97,015.63
- Yorkshire and Humberside - 16% - £60,812.54
- South West - 15% - £72,552.15
- East Midlands - 13% - £61,352.38
- North East - 12% - £64,915.38
- Wales - 11% - £52,901.69
- West Midlands - 11% - £33,541.82
- London - 8% - £ 96,471.43.
