Mortgage News
"OAPs still saddled with debt"
A new study carried out by popular bank Scottish Widows has revealed disturbing information about pensioners and their loans . Apparently, one in six pensioners in the UK are still paying off their mortgage, with one in ten still facing repayments of over £100,000 to clear.
The bank, which is based in Edinburgh, gave their reasons for the high figures. They believe that pensioners face higher debt as borrowers are buying later on in life, and provide their retirement income by remortgaging .
Further research by the bank indicates that this trend is likely to continue, as approximately half of people aged between 55 and 65 remain burdened with a mortgage. The average figure sits just above £60,000 owing.
An expert from the bank was reported as saying: "our research shows that by the time they come to retire a significant number of pensioners still have a mortgage outstanding on their property, adding pressure to their hard-earned retirement fund ." Concerns remain as to whether older people who should be putting money into pensions are instead using their capital to finance mortgage repayments.
Despite fears of an increase in base rate, the UK mortgage market remains healthy. Fixed-rate mortgages are likely to be superseded by tracker mortgages as the best deals on the market.
Source: Mortgages.co.uk
Stay up to date with our mortgage news, these archives are back dated news so you can see exactly what happened at a historical date.
© 2008 Michael J Alexander
Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).
Ó www.amortgage4you.co.uk - Specialists in bad credit mortgage
Mortgage Message Board
Post a quick message on the message board, leave comments, questions about anything from no income proof mortgages to debt consolidation.
Submit an Article to us
If you have useful information for our visitors then why not submit your article to us today
Mortgage Forum
Join our mortgage forum, post threads and messages, join our large financial community
Unanswered Questions
If you have any unanswered questions/queries or would like more information then speak to one of our advisers over live assistance for a quick and friendly response.
Financial Articles
Take a look at our financial articles to learn more about the topic and how we can help you.
General Finance Links
Take a look at related links to find more information and resources. Related Links
Free Financial Tools
Browse our range of free finance tools for you to download or use on your own website.
Mortgage iBlog
Like blogging? So do we, take a look at our mortgage blog
Latest Mortgage News
Stay up to date with the latest mortgage news on the market
Don't worry if you can't prove your income, we can still help you regardless of income proof.
We can help you consolidate your debts today, we offer a debt consolidation service for home owners.
If you have been refused elsewhere we can still help you, we offer full assistance and support.
If you have bad credit, or have a bad credit history we can still help you.
Even if your self employed we can cover you're needs regardless of being self employed.
We understand it's hard for first time buyers, we make it easier to get onto the property ladder.
Working through an agency?
Working through an agency? or just started employment? Don't worry we can still help!
Right to buy property purchase, and extra money for home improvements.
We provide buy to let mortgages, or let to buy mortgages, see more below.
Remortgage/Equity Release
We can help you unlock equity in your property with our equity release. We can also help you remortgage your property.
Part of the Michael J Alexander Group
