Mortgage worries come with retirement, The One Account finds

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Mortgage worries come with retirement, The One Account finds

Mon 25th Sep 2006

More than one homeowner in every three will need to carry on working beyond retirement age in order to repay their mortgage, new research shows.

A survey by mortgage lender The One Account found debt is keeping people from saving, with 43 per cent admitting they are unable to put any money aside for retirement or a rainy day.

And despite the fact that home ownership is important to most people, The One Account found that a fifth would be unable to pay off their mortgage until they have reached their 50s.

Because of this, many believe they will have to dramatically cut back on their lifestyle once they stop working.

Debbie Milsom of The One Account says that mortgage worries should not keep people from carrying on with their lives.

"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," she says.

Current account mortgages could help with this, The One Account claims. Such loans will see a person's income work towards shrinking their mortgage size, according to the provider.

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