A third of homeowners are going to be paying off their mortgage upon retirement, so new figures show.
One Account data shows 36% of homeowners will be at least 60 prior to paying their mortgage off.
Thus mortgage payments will sap money from pensions upon retirement. 43% of homeowners consider that mortgage costs prevent them saving in the first place.
Instead of financially preparing for the future, older people are worried that they will not be able to pay off their mortgages .
Mortgage payments are holding people back from saving for retirement mortgage payments.
So older people are fretful for their financial future, instead of planning for relaxed, golden years.
Furthermore, at the other end of the potential homeowner spectrum, 16% of 25 to 29 year olds state that their mortgage repayments are prevent them from starting a family, according to the One Account research.
It seems mortgage payments are so phenomenal that they are impacting on both ends of the age spectrum.
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A Third of Retired Homeowners Paying off Mortgage
Tue, 26 Sep 2006
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