Pensioners Mortgage 'Milestone'

Almost half a million pensioners face having to make mortgage payments well into retirement, a survey has found.

Over the next 30 years more than 400,000 people will stop working with an average of £52,446 still outstanding. The survey, carried out for The Equity Release Council, shows large numbers of people fear they will not settle their mortgage by retirement.

Ros Altmann, director general of the over 50s campaign group Saga said 'It is not going to take very long to get a million pensioners with a mortgage'. 'A lot of pensioners are relying on endowment policies or pension to pay back their debt, but these things have just not worked out'. Pensioner mortgages may still be required later into life.