Pensioners urged to consult professionals over mortgages

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Pensioners urged to consult professionals over mortgages

One pensioner in six in the UK currently has outstanding mortgage debt, resulting in a spokesperson from charititable organisation Age Concern to recommend consulting with a financial advisor to determine the best way of managing finances.

The average level of mortgage debt for a pensioner stands at £45,313, with one in three needing to pay in excess of £50,000 and a further one tenth of pensioners owing £100,000, according to research conducted by Credit Action.

Implications arising from equity release plans such as remortgaging were discussed by the spokesperson and as a result, pensioners are urged to talk to a professional before deciding what options to take, while bearing in mind that personal circumstances could alter.

Mel Beardon, spokesperson for Age Concern, remarked: "Any financial decision is a personal decision and anyone who has one to make should speak to a financial advisor to listen to all the options. This is especially the case if you are considering taking on an equity release scheme.

"You must bear in mind what could happen should your circumstances change, such as if you need to leave home because of poor health or injury."

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