One in five retiring this year have debts of over £33,000

lemonjelly

diable wrote: »

I had envisaged being mortgage free by the age of 50 but divorce and paying for the children then starting life over again leaves me with paying my mortgage off when I am 64, other people may be in a worse situation.

In my experience, I feel you'd be a minority, but potentially a growing minority.

blueboy43 wrote: »

good god, it's a nonsense survey by the Prudential.

Oh, whats this - a link to an article saying "could equity release be the answer".

Could they possibly be related ?

Part of me agrees with you. At the same time, I do feel equity release is a big part of the reason so many have debts - vorderman et al have a lot to answer for!
I used to work in a Housing Assoc. & we regularly recieved applications from former tenants of ours, who had exercised the right to buy in the 80's & 90's & picked up bargain 3 bed houses for anything between £7k-£28k (I was able to chack the records). These houses were now worth between £200-£250k, & were in quite desirable areas. I remember reading applications for housing from people 67 years of age, with over £200k mortgages.

We'd recieve applications every day from people aged over 50 with vast mortgages outstanding on their properties. Indeed many were applying for our houses/bungalows in the knowledge that they were not in a position to sustain their liabilities.

PaulW1965 wrote: »

Or they're men with much younger wives and their wives earn plenty to cover their debts....?

Are you Andy Gray?;)

de1amo

i had an endowment taken out in 1986 to cover 30k on my first home and it realised just 18k-i withdrew it 18 months early because i was sick of paying and waiting for nothing!-i got on with plans using the money and feel better but still with an os mortgage--i reckon with 17 years to go til retirement i can stash 3k a year and clear my 55k mortgage--and still have fun!-i also own a place abroad but wouldnt cash it to pay my mortgage off in a hurry/old age--the rental income will far exceed the mortgage.

michaels

I would have thought only specialist mortgage companies would allow people to have a mortgage that runs beyond the statutory retirement age. Last time I re mortgaged the longest end date was my wife's statutory retirement date even though I am the only earner.

de1amo

if your pension is enough to cover the multiples the age i think is 70 max for it to run up to!

nearlynew

Shocking figures, if true.


Only an idiot would enter retirement with that much debt, mortgage or otherwise.

Conrad

I've studied these regular Prudential surveys (marketing tools in fact) down the years.

They typicaly release one claiming not enough people are saving (they would say that as they rely on people wanting to save) but what as ever there survey fails to pick out is that many of us have 1 or properties and use these to supplement normal saving, dohhhhh!

Also they here are possibly talking about people of normal retirment age, but can we be sure these people will actualy stop work?

Furthermore the growth in divorce in later life accounts for much debt.

Lastly they never ask how much these people expect to inherit from thier 85 yo parents!

Incredibly simplistic insurance co nonsense.

Incidentaly in 1997 the Pru' told me I was making a mistake starting a mortgage broker business as the future was in muppet commision costly pension products. Thank gawd I knew they were academic dicks back then

nicko33

nearlynew wrote: »

Shocking figures, if true.

You think they might be statistics made up by liars and thieves?

nearlynew

nicko33 wrote: »

You think they might be statistics made up by liars and thieves?

You're learning.

well done

nicko33

nearlynew wrote: »

You're learning.

well done

That you're predictable, yes

de1amo

i do wonder if articles like this are ever 'investigated' as scaremongering to push people into products-