Older homeowners ''still struggling with mortgage debt''

Older people in the UK are increasingly struggling with their mortgage debt, a new study has shown.

Research from Key Retirement Solutions showed that 32 per cent of people aged over 55 still have outstanding mortgage debt. What''s more, the company suggested that the amount of money people nearing retirement still owe on their property has increased by 20 per cent in the last year.

Interestingly, the research showed that older people tended to owe more money, with those aged over 70 typically still having a mortgage worth £45,493. This compared to a figure of just £29,083 for those in the 55 to 59 age group.

"The rising cost of living is increasingly affecting all of us today, but it is the older generations that are feeling the pinch more than others," commented Dean Mirfin, the business development director at Key Retirement Solutions.

"Our analysis shows we are seeing more and more people reaching retirement still with outstanding mortgage debt.

"An increasing number of people are choosing to re-mortgage as an alternative to downsizing, carrying out improvements on their home, or even helping their children get that first step on the property ladder in today''s almost impossible market."

Recently, Your Mortgage editor Pauline McCallion said that consumers should always take the time to investigating more competitive mortgage deals.