More mortgage debt taken into retirement

Over-65s are carrying an increasing amount of mortgage debt into retirement, according to a new study from Key Retirement Solutions.

The equity release company found that over-65s have an average mortgage debt of £43,069, due in part to having to borrow more to afford a home, as well as the failure of many endowment policies to cover their remaining mortgage debt.

The company added that since 2007, the number of over-65s inquiring about equity release had increased by over 38%.

A spokesperson for debt management company Gregory Pennington said: "These figures highlight the importance of good financial management in the run-up to retirement. Since most people experience a fall in income after retirement, debt can be a particular burden.

"Anyone who finds themselves struggling with debt in retirement should remember that it`s never too late for debt advice - but the sooner they act, the better."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.