Monday, August 13, 2007

One in 5 pensioners still has a mortgage

Britain's pensioners are £57bn in debt

A lot of pensioners still have debt apparently. Although my heart isn't exactly bleeding for them, I bet manyhundreds of thousands in equity in their homes that they could be downsizing from. Various implications for long term mortgages & stuff as the article waffles on about etc

Posted by benedict @ 01:36 PM (490 views)
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2 thoughts on “One in 5 pensioners still has a mortgage

  • Pensioners have been targetted by endless TV adverts to take 2nd mortgages, based on the rising equity of their houses, with little consideration of the cash flows.

    Some of them are defaulting on 2nd and 3rd mortgages and it can be quite tragic.

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  • Mark Wadsworth says:

    Like you say, they can just downsize, can’t they? What’s the problem? And how many of those who “still” have mortgages actually paid their old one off ages ago and then remortgaged recently?

    Further, a pensioner today must have bought his house thirty odd years ago, when average house cost, what, £20,000? So even with an interest only mortgage, if they only owe £20,000 that’s peanuts, compared to latent capital gain.

    So, my heart is not exactly bleeing for them either.

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