Belfast Telegraph

Paying off mortgage is 'forcing us to work longer'

By Vicky Shaw

One in three 20 to 45-year-olds expects to be working beyond their retirement age to pay off mortgages, a report has found.

The survey from Halifax among people who are already on the property ladder and those who are not yet homeowners found that 34% of people aged 20 to 45 expect to still be working to pay off their home loan after they reach the standard retirement age.

Among people in this age group who are already homeowners, 28% expect to work beyond retirement to become mortgage-free.

But among those who are not yet on the property ladder, the figure is higher, with 39% believing they will be working later in life to pay for their property.

One in 12 (8%) people across the survey expects to be paying off their mortgage throughout their life.

And more than half (51%) are worried that paying their mortgage will hamper their ability to save for retirement.

Belfast Telegraph