Third of pensioners to pay mortgage debt

Data from One Account reveals that 36 per cent of Britons expect to be saddled with mortgage repayments when they are over 60.

“Paying off a mortgage should not mean that people have to put their life plans on hold,” said Debbie Milsom, from the One Account.

“It is worrying that homeowners perceive that it will take them until they are in their 60s before they pay it off when they should be spending this time preparing financially for their futures.”

This news follows a Liverpool Victoria report which found that adult children now expect to have to support their parents in retirement as bills and debt levels rise.

However, there are ways of debt management which can help negate this prospect.

Ms Milsom urged homeowners to look at their mortgage options and ways of paying it off early and thus help clear debt before retirement.