Homeowners expect to be in their 60's before paying off their mortgage
Nov 02, 2006
More than a third of homeowners expect that they will be 60 before they finish paying off their mortgage, a report from The One Account claims.
Research also found that 43 per cent of homeowners believe that their mortgage prevents them from saving anything, while 17 per cent of 25 to 29-year-olds said that their mortgage repayments were stopping them from starting a family.
Around 20 per cent of homeowners said that they thought they would be in their 50s before they paid off their mortgage, with many believing that they will not be able to live the lifestyle they want to live until they are retired. Debbie Milsom of The One Account said: "Paying off a mortgage should not mean that people have to put their life plans on hold. It is worrying that homeowners perceive that it will take them until they are in their 60s before they pay it"
Although many saw having a mortgage as a huge burden, there were ways in which people could manage their payments in a flexible way and pay off their mortgages early, she said. A recent report from the Joseph Rowntree Foundation found that mortgage affordability for first-time buyers is stretched, with the ratio of mortgage payments to earnings now at its highest level since 1990.
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