Moves to tackle pensioner mortgage dilemma

More than a third of mortgages taken out today will end when the borrower is over 65

Mortgage applicants to face tougher screenings
(Image credit: Jeff J Mitchell/Getty Image)

When you think of retirement, mortgage payments probably aren’t part of your plans. In the past people had paid off their mortgage before they hit retirement and didn’t have to factor those hefty monthly payments into their pension plans. But, times are changing.

Soaring house prices have outpaced wage growth for years now. This has meant that the age we buy our first home has gradually been rising. The average first-time buyer is now 37, according to the Mortgage Advice Bureau.

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