A million over 70's still paying off their mortgages
Almost one fifth of Britons in their 70's are struggling to repay their mortgages according to research by Saga.
Their figures show that the average outstanding mortgage for borrowers in their 70’s is £38,000, taking their total debt to £35.2bn.
Saga also points out that more than six million over 50’s are still paying a mortgage of £49,000 on average.
One in 10 people have opted to extend the length of their mortgage, although 1.7m borrowers said they had no way of finding the funds to repay the debt.
Last week Santander announced plans to launch into the lifetime market in order to help older borrowers unable to repay their mortgages, particularly once the term comes to an end.
If you are an older borrower and you would like help to secure a mortgage, call Trinity on 020 7016 0790.
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