Fear for elderly with mortgage debt

Updated
keys
keys

Fears have been raised for elderly people who are still sitting on large amounts of mortgage debt and could be at risk of losing their homes.

A report by Bristol University and the International Longevity Centre (ILC-UK) found that about two-fifths (40%) of people aged 75 and over and who still have a mortgage to pay off have an interest only mortgage with no linked investment with which to pay their loan back. This figure dropped to just 6% for people aged between 50 and 54 who still have a mortgage.

Advertisement