‘Mortgage-free’ age goes through the roof.

‘Mortgage-free’ age goes through the roof.

Over a third of homeowners in the UK expect to be well into their 60’s before they finally pay off their mortgage, according to new research by Post Office Mortgages.
The revelation is in stark contrast to just a generation ago when the average age of becoming mortgage-free was just 51 years old.

High house prices and the challenge of saving for a deposit have also meant that many homeowners are making the first step on the property ladder much later than their parents did – taking out their first mortgage at an average age of 33.

Other homeowners are pushing back outright ownership by remortgaging and using the equity in their home to fund other expenditures, the survey revealed. Nearly one fifth (18 per cent) stated that they have remortgaged to improve their current house or buy a second home, while a further one in 12 (8 per cent) have done so to support their children.

One in eight (12 per cent) are sure they will not be able to keep to their current mortgage term, while a further 14 per cent are sweating over meeting their mortgage terms.

However, the dream of owning our own homes outright remains as strong as ever – with four in five (79 per cent) saying this is something they wish to achieve.

WE SAY: If you are going to have a mortgage for 25 years or more, make sure you are paying the least amount possible for it.  Call us on 08458 386938 to discuss your options.