Friday, April 6, 2012

“53,000 people approaching retirement age in UK have int-only mortgages and no savings to pay”

Retired Britons are £96bn in debt: MGM Advantage

UK pensioners have more than £90bn of personal debt, making it increasingly difficult for them to maintain a decent standard of living, fresh figures from MGM Advantage have revealed................“I think many expect to inherit money from their parents, who benefitted from the golden age of large house price increases, final salary pensions and free university education, which no longer exist"

Posted by jack c @ 10:31 AM (2205 views)
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9 thoughts on ““53,000 people approaching retirement age in UK have int-only mortgages and no savings to pay”

  • What was that about unfunded pension liabilities??

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  • mark wadsworth says:

    Typical bloody retirees. Spend it all on iPods and holidays, get themselves into debt and then expect the younger generations to bail them out. Are they actually TRYING to set a bad example?

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  • Peterpumpkin says:

    Like they say, you can’t take it with you when you go.

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  • general congreve says:

    @3 – I know, my old man has recently bought himself an LCD TV, a HDD/DVD recorder and a second HDD recorder so he definitely doesn’t miss anything he might want to watch. They just can’t get enough of wasting their money on gadgets!

    He also thinks the economy is just going through a typical recession and that recovery will follow shortly as it always does. By the time he wakes up to bank and government debt-theft, I’ll be left with no inheritance and our family will be back to the level of indentured peasants where we were a few generations ago.

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  • sibley's b'stard child says:

    And alcopops MW, don’t forget that. Old folk love alcopops.

    If they play their cards right, they’ll be able to surf right onto SMI. Happy pensioners, happy lenders.

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  • They also like to wast vast amounts of money down Gala bingo every Sunday night. Oh and don’t forget the lottery.

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  • This is a bit old, since it was commented on earlier last week in several other papers, however, when it talks about “personal debt”, it’s not exactly clear if this is excluding mortgage debt.
    What would be interesting is a breakdown of ‘unsupported’ debt by age group, in blocks of 10 years, perhaps.
    There’s always been this suggestion, generally pushed by the Daily Mail, that the ‘feckless young’ are to blame for high levels of debt but I doubt if that’s the case. If the breakdown could exclude repayment mortgages and student loans, it would give an indication of which groups are the most indebted. I wouldn’t be surprised if it was the age ranges 40-50 and 50-60 – probably the age profile of the typical Daily Mail reader

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  • crash bandicoot says:

    This will get even worse when the Wilsons and their like park their portfolio of IO mortgages. If we don’t get some wage inflation soon things will get very messy as folks realise that rents and house prices are too high. It may even be that that point has been reached already.

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  • “I think many expect to inherit money from their parents, who benefitted from the golden age of large house price increases, final salary pensions and free university education”

    This shows that “FT Adviser” and the financial sector are as completely out of touch with reality as politicians and most of the contributors to HPC who are smug, comfortable members of the middle class.

    If, like myself, you are from a working class background, neither you nor your parents benefited from any sort of university education let alone a free one, we worked hard and made our own way in the world so tough sh*t to those who moan and whinge about being badly done to.

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