Research conducted by Scottish Widows indicates that one in five retired homeowners still have a mortgage. The average debt is £38,000 and one in eight pensioners owe more than £50,000.
The research indicates that the national debt for those in retirement is £57 billion. Scottish Widows are concerned about the number of pensioners who still hold a mortgage in retirement as it puts more of a financial strain on their hard-earned pension funds.
Our view
Pensioners who are in this position should consider advice on whether to switch to an equitt release scheme or paying off their debt or downsizing.
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