Millions could be paying off debt well into retirement amid 'pension postcode lo
A 'postcode lottery' means people face carrying hefty mortgage debt well into retirement, an analysis has found.
Years of putting off home buying amid rising property prices and extended mortgage terms mean some Britons will be paying off loans for decades.
According to the study released today, 48% of over 50s are in some form of debt, with 14% having yet to pay off their mortgages.
But regional inequality is rife in the UK, with at least 20% of over 50s in Northern Ireland being set to pay off home loans well into their golden years, the highest number in the UK.
They have an average of £50,409.09 in outstanding debt.
The highest percentage of debt-raddled over 50s in England is in the North West, at 19%, with an average mortgage debt of £48,839.55.
But 30% of the age group in the region have no private pensions, with the average income being less than £25,000.
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London faces what the survey-maker called a 'perfect storm' of low homeownership, mountainous debt, financial anxiety and pay cheques that barely cover the bills.
Just 55% of older Londoners own their home, while many take only £31,164 each year, far lower than in other regions.
Over 50s cough up around £1,230 each month for their homes in the capital, far above the average payment elsewhere in the UK at £887.
While fewer over 50s in East Anglia have mortgages to repay, the region has the most eye-watering average mortgage debt at £96,471.43.
The South East is not far behind with an average debt of £95,905.77.
In Scotland, more than half (53%) of the surveyed age group are in debt.
Mark Screeton, CEO of SunLife, the life insurance group behind the survey, said: 'Our research shows a clear 'postcode lottery' when it comes to retirement, where people's ability to enjoy later life appears to be impacted by where they live.
'Whether it is mortgage repayments dragging into retirement or higher levels of consumer debt, older people in some areas are facing greater financial concerns than others.' More Trending
The retirement age in the UK is 66 for men and women, which is when people receive their state pension.
SunLife said that of the 2,000 people aged over 50 polled, the cost of living remains a top concern in certain regions.
Worries over spiralling costs were highest in: Northern Ireland (74%)
Scotland (71%)
East Midlands (68%)
London (56%)
View More »
Screeton added: 'For homeowners over 55 – even those with an outstanding mortgage – equity release could offer a way to clear debts, stop monthly repayments, and unlock the value in their home without having to move.
Get in touch with our news team by emailing us at webnews@metro.co.uk.
For more stories like this, check our news page.
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