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Getty ImagesMore than a million mortgages have been issued in the past three years which home-buyers are set to still be repaying into pension age.
The latest data shows that two in five new mortgages have terms that see homeowners still making payments in retirement.
Ultra-long, or extended, mortgages have become more popular during a time of higher interest rates as people aim to spread the cost.
But this will ultimately make the loan more expensive, and experts say it raises serious questions over financial planning for retirement.
At the end of 2021, about three in 10 mortgages took repayments into pension age, according to Bank of England figures obtained by the pension consultancy LCP.
That proportion grew as interest rates rose. Despite interest rates having fallen from their peak, LCP said the trend appeared to have continued.
“There is increasing evidence that taking out a mortgage which runs past pension age is an entrenched feature of the mortgage market rather than a temporary blip,” said Steve Webb, a former pensions minister who is now a partner at LCP.
“This has profound implications for retirement planning, as it is likely to mean that savers may end up using already inadequate pension pots to clear a mortgage balance.”
The temptation for young homeowners is obvious. A longer mortgage term would reduce monthly repayments.
But with the average age of first-time buyers rising – it now stands at nearly 34 – the question of how people will be able to afford mortgage payments when they hope to retire becomes increasingly important.
UK Finance, the banking and lenders’ trade body, said only 3% of mortgage-holders were currently paying off a mortgage after the age of 65.
While many young homeowners have chosen longer mortgage terms to make repayments more manageable, they may opt for shorter terms in the future if their salaries improve or they move house.
That is why UK Finance expects only a small fraction of the mortgages taken out now to ultimately go into borrowers’ retirement years.
However, it does also raise the prospect of some people having to work longer until a mortgage is paid off, or they may choose to downsize.
Lenders set limits
Lenders are relatively flexible on allowing people to take out these longer-term mortgages, but there are constraints, according to David Hollingworth, from mortgage broker L&C.
“There will often still be maximum age limits at the end of the mortgage term and lenders will need to be sure that the borrowing will be affordable,” he said.
“That will require borrowers to show that their post-retirement income is adequate.”
Affordability checks became stricter after the financial crisis of nearly 20 years ago, with lenders needing proof that mortgage applicants could cope with rising interest rates.
The reality for many people is that getting any kind of mortgage remains unaffordable.
Data published earlier in the week shows the dynamics of renting and owning, and their effect on financial strains and life satisfaction.
“The proportion of people renting privately doubled during the 2000s, and while it has levelled off at around a fifth of households, or a third in London, we’re seeing people renting later in life,” said Sarah Coles, from investment platform Hargreaves Lansdown.
“Even when people reach their late 50s and early 60s, 11% are still in private rentals.”
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Getty ImagesMore than a million mortgages have been issued in the past three years which home-buyers are set to still be repaying into pension age.
The latest data shows that two in five new mortgages have terms that see homeowners still making payments in retirement.
Ultra-long, or extended, mortgages have become more popular during a time of higher interest rates as people aim to spread the cost.
But this will ultimately make the loan more expensive, and experts say it raises serious questions over financial planning for retirement.
At the end of 2021, about three in 10 mortgages took repayments into pension age, according to Bank of England figures obtained by the pension consultancy LCP.
That proportion grew as interest rates rose. Despite interest rates having fallen from their peak, LCP said the trend appeared to have continued.
“There is increasing evidence that taking out a mortgage which runs past pension age is an entrenched feature of the mortgage market rather than a temporary blip,” said Steve Webb, a former pensions minister who is now a partner at LCP.
“This has profound implications for retirement planning, as it is likely to mean that savers may end up using already inadequate pension pots to clear a mortgage balance.”
The temptation for young homeowners is obvious. A longer mortgage term would reduce monthly repayments.
But with the average age of first-time buyers rising – it now stands at nearly 34 – the question of how people will be able to afford mortgage payments when they hope to retire becomes increasingly important.
UK Finance, the banking and lenders’ trade body, said only 3% of mortgage-holders were currently paying off a mortgage after the age of 65.
While many young homeowners have chosen longer mortgage terms to make repayments more manageable, they may opt for shorter terms in the future if their salaries improve or they move house.
That is why UK Finance expects only a small fraction of the mortgages taken out now to ultimately go into borrowers’ retirement years.
However, it does also raise the prospect of some people having to work longer until a mortgage is paid off, or they may choose to downsize.
Lenders set limits
Lenders are relatively flexible on allowing people to take out these longer-term mortgages, but there are constraints, according to David Hollingworth, from mortgage broker L&C.
“There will often still be maximum age limits at the end of the mortgage term and lenders will need to be sure that the borrowing will be affordable,” he said.
“That will require borrowers to show that their post-retirement income is adequate.”
Affordability checks became stricter after the financial crisis of nearly 20 years ago, with lenders needing proof that mortgage applicants could cope with rising interest rates.
The reality for many people is that getting any kind of mortgage remains unaffordable.
Data published earlier in the week shows the dynamics of renting and owning, and their effect on financial strains and life satisfaction.
“The proportion of people renting privately doubled during the 2000s, and while it has levelled off at around a fifth of households, or a third in London, we’re seeing people renting later in life,” said Sarah Coles, from investment platform Hargreaves Lansdown.
“Even when people reach their late 50s and early 60s, 11% are still in private rentals.”
, while maintaining the same key facts, dates, and quotes. The new text should feel completely fresh, naturally flowing, and as if written from scratch by a professional human news editor.
Retain all people’s declarations in quotation marks (” “) exactly as they appear in
Getty ImagesMore than a million mortgages have been issued in the past three years which home-buyers are set to still be repaying into pension age.
The latest data shows that two in five new mortgages have terms that see homeowners still making payments in retirement.
Ultra-long, or extended, mortgages have become more popular during a time of higher interest rates as people aim to spread the cost.
But this will ultimately make the loan more expensive, and experts say it raises serious questions over financial planning for retirement.
At the end of 2021, about three in 10 mortgages took repayments into pension age, according to Bank of England figures obtained by the pension consultancy LCP.
That proportion grew as interest rates rose. Despite interest rates having fallen from their peak, LCP said the trend appeared to have continued.
“There is increasing evidence that taking out a mortgage which runs past pension age is an entrenched feature of the mortgage market rather than a temporary blip,” said Steve Webb, a former pensions minister who is now a partner at LCP.
“This has profound implications for retirement planning, as it is likely to mean that savers may end up using already inadequate pension pots to clear a mortgage balance.”
The temptation for young homeowners is obvious. A longer mortgage term would reduce monthly repayments.
But with the average age of first-time buyers rising – it now stands at nearly 34 – the question of how people will be able to afford mortgage payments when they hope to retire becomes increasingly important.
UK Finance, the banking and lenders’ trade body, said only 3% of mortgage-holders were currently paying off a mortgage after the age of 65.
While many young homeowners have chosen longer mortgage terms to make repayments more manageable, they may opt for shorter terms in the future if their salaries improve or they move house.
That is why UK Finance expects only a small fraction of the mortgages taken out now to ultimately go into borrowers’ retirement years.
However, it does also raise the prospect of some people having to work longer until a mortgage is paid off, or they may choose to downsize.
Lenders set limits
Lenders are relatively flexible on allowing people to take out these longer-term mortgages, but there are constraints, according to David Hollingworth, from mortgage broker L&C.
“There will often still be maximum age limits at the end of the mortgage term and lenders will need to be sure that the borrowing will be affordable,” he said.
“That will require borrowers to show that their post-retirement income is adequate.”
Affordability checks became stricter after the financial crisis of nearly 20 years ago, with lenders needing proof that mortgage applicants could cope with rising interest rates.
The reality for many people is that getting any kind of mortgage remains unaffordable.
Data published earlier in the week shows the dynamics of renting and owning, and their effect on financial strains and life satisfaction.
“The proportion of people renting privately doubled during the 2000s, and while it has levelled off at around a fifth of households, or a third in London, we’re seeing people renting later in life,” said Sarah Coles, from investment platform Hargreaves Lansdown.
“Even when people reach their late 50s and early 60s, 11% are still in private rentals.”
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Getty ImagesMore than a million mortgages have been issued in the past three years which home-buyers are set to still be repaying into pension age.
The latest data shows that two in five new mortgages have terms that see homeowners still making payments in retirement.
Ultra-long, or extended, mortgages have become more popular during a time of higher interest rates as people aim to spread the cost.
But this will ultimately make the loan more expensive, and experts say it raises serious questions over financial planning for retirement.
At the end of 2021, about three in 10 mortgages took repayments into pension age, according to Bank of England figures obtained by the pension consultancy LCP.
That proportion grew as interest rates rose. Despite interest rates having fallen from their peak, LCP said the trend appeared to have continued.
“There is increasing evidence that taking out a mortgage which runs past pension age is an entrenched feature of the mortgage market rather than a temporary blip,” said Steve Webb, a former pensions minister who is now a partner at LCP.
“This has profound implications for retirement planning, as it is likely to mean that savers may end up using already inadequate pension pots to clear a mortgage balance.”
The temptation for young homeowners is obvious. A longer mortgage term would reduce monthly repayments.
But with the average age of first-time buyers rising – it now stands at nearly 34 – the question of how people will be able to afford mortgage payments when they hope to retire becomes increasingly important.
UK Finance, the banking and lenders’ trade body, said only 3% of mortgage-holders were currently paying off a mortgage after the age of 65.
While many young homeowners have chosen longer mortgage terms to make repayments more manageable, they may opt for shorter terms in the future if their salaries improve or they move house.
That is why UK Finance expects only a small fraction of the mortgages taken out now to ultimately go into borrowers’ retirement years.
However, it does also raise the prospect of some people having to work longer until a mortgage is paid off, or they may choose to downsize.
Lenders set limits
Lenders are relatively flexible on allowing people to take out these longer-term mortgages, but there are constraints, according to David Hollingworth, from mortgage broker L&C.
“There will often still be maximum age limits at the end of the mortgage term and lenders will need to be sure that the borrowing will be affordable,” he said.
“That will require borrowers to show that their post-retirement income is adequate.”
Affordability checks became stricter after the financial crisis of nearly 20 years ago, with lenders needing proof that mortgage applicants could cope with rising interest rates.
The reality for many people is that getting any kind of mortgage remains unaffordable.
Data published earlier in the week shows the dynamics of renting and owning, and their effect on financial strains and life satisfaction.
“The proportion of people renting privately doubled during the 2000s, and while it has levelled off at around a fifth of households, or a third in London, we’re seeing people renting later in life,” said Sarah Coles, from investment platform Hargreaves Lansdown.
“Even when people reach their late 50s and early 60s, 11% are still in private rentals.”
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Getty ImagesMore than a million mortgages have been issued in the past three years which home-buyers are set to still be repaying into pension age.
The latest data shows that two in five new mortgages have terms that see homeowners still making payments in retirement.
Ultra-long, or extended, mortgages have become more popular during a time of higher interest rates as people aim to spread the cost.
But this will ultimately make the loan more expensive, and experts say it raises serious questions over financial planning for retirement.
At the end of 2021, about three in 10 mortgages took repayments into pension age, according to Bank of England figures obtained by the pension consultancy LCP.
That proportion grew as interest rates rose. Despite interest rates having fallen from their peak, LCP said the trend appeared to have continued.
“There is increasing evidence that taking out a mortgage which runs past pension age is an entrenched feature of the mortgage market rather than a temporary blip,” said Steve Webb, a former pensions minister who is now a partner at LCP.
“This has profound implications for retirement planning, as it is likely to mean that savers may end up using already inadequate pension pots to clear a mortgage balance.”
The temptation for young homeowners is obvious. A longer mortgage term would reduce monthly repayments.
But with the average age of first-time buyers rising – it now stands at nearly 34 – the question of how people will be able to afford mortgage payments when they hope to retire becomes increasingly important.
UK Finance, the banking and lenders’ trade body, said only 3% of mortgage-holders were currently paying off a mortgage after the age of 65.
While many young homeowners have chosen longer mortgage terms to make repayments more manageable, they may opt for shorter terms in the future if their salaries improve or they move house.
That is why UK Finance expects only a small fraction of the mortgages taken out now to ultimately go into borrowers’ retirement years.
However, it does also raise the prospect of some people having to work longer until a mortgage is paid off, or they may choose to downsize.
Lenders set limits
Lenders are relatively flexible on allowing people to take out these longer-term mortgages, but there are constraints, according to David Hollingworth, from mortgage broker L&C.
“There will often still be maximum age limits at the end of the mortgage term and lenders will need to be sure that the borrowing will be affordable,” he said.
“That will require borrowers to show that their post-retirement income is adequate.”
Affordability checks became stricter after the financial crisis of nearly 20 years ago, with lenders needing proof that mortgage applicants could cope with rising interest rates.
The reality for many people is that getting any kind of mortgage remains unaffordable.
Data published earlier in the week shows the dynamics of renting and owning, and their effect on financial strains and life satisfaction.
“The proportion of people renting privately doubled during the 2000s, and while it has levelled off at around a fifth of households, or a third in London, we’re seeing people renting later in life,” said Sarah Coles, from investment platform Hargreaves Lansdown.
“Even when people reach their late 50s and early 60s, 11% are still in private rentals.”
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Be between 800–1,200 words long, with clear subheadings for readability.
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What are the long-term financial implications of renting versus owning a home?
## Renting vs. Owning: Impacts on Finances and Happiness
Owning a home is often seen as a cornerstone of the American dream, but in recent years, seen a rise in the number of people renting long-term, even into retirement. This shift raises crucial questions about the financial and emotional implications of both renting and owning.
While homeownership offers stability and the potential for building equity, it comes with significant financial burdens like down payments, property taxes, and maintenance costs. Rising housing prices have made homeownership increasingly unattainable for many, particularly younger generations. As a result, more people are choosing to rent, sometimes well into their golden years.
This trend has sparked concerns about the long-term financial security of renters. Unlike homeowners who build equity, renters face fluctuating rent payments and may lack a safety net in retirement. As highlighted in data from the investment platform Hargreaves Lansdown, the proportion of people renting privately has doubled since the 2000s, with 11% of individuals aged 55 to 65 still locked in private rentals.
But renting also offers flexibility and lower upfront costs, making it an attractive option for those who prioritize mobility, minimal financial commitment, or a simpler lifestyle.
Ultimately, the decision to rent or own is deeply personal and depends on individual circumstances, financial capacity, and life goals. It’s crucial to carefully consider the pros and cons of each option, forecasting long-term consequences carefully to ensure financial stability and peace of mind.
While owning a home can offer a sense of accomplishment and asset building, renting empowers individuals with flexibility and freedom from significant financial commitments. Both paths have their merits, and the “best” choice depends on individual needs, aspirations, and financial realities.
