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More Over 55s Suffering From Mortgage Debt

While many of the over 55s have been saving all of their lives to enjoy their retirement it seems that a growing number are falling into the mortgage debt trap. A report by Key Retirement Solutions (KRS) has highlighted the growing mortgage debt crisis among the over 55 age group where the average outstanding mortgage is just over £37,000. More alarmingly, the figure for the over 70s rises to a surprising £45,493.

The survey shows that many over 55s have seen their mortgage debts increase over the last year, with a net rise in the region of 20%. The double whammy for the older age groups is the fact that their income is reducing in real terms while the cost of living continues to rise. This is creating a growing gap between what they have to live on and what goes on their mortgage payments. So what next?

Many market experts expect to see a substantial rise in the take up of sale and lease back agreements whereby the occupier of the home will receive a payment (less than the market price) together with a lease agreement for a set period. This will allow many of the over 55s to pay off their mortgages and live a more comfortable life – but with no inheritance to pass on to their children.

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