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News: Half a million Brits plan to use pension to pay off mortgage

Thu, 06 Nov 14

More than half a million Brits between the age of 40 and 70 plan to use their pension to pay off their mortgage, new research reveals.

While a report this week from Countrywide found that 400,000 more home-owners in England are now free of being mortgage prisoners, many retirees are still facing mortgage debt when they reach 70. Indeed, more than half a million intend to use part, if not all, of their pension to repay their mortgage, with 58 per cent planning to manage them with more traditional monthly repayments.

One in 10 intend to use their tax free pension lump sum to repay the outstanding balance on their mortgage, with only 7 per cent having savings or investments set aside to meet the cost.

Source: Property Wire

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