Your Money Mortgage Matters
The People's Friend|November 04,2017

Stephanie Hawthorne, award-winning financial journalist, writes for us.

ARE you one of the million people in danger of having your home repossessed because you have an interest-only mortgage and are not sure how you can pay it off?

Perhaps you are over fifty and would like to remortgage? Would you like to sell up and move somewhere else but worry you can’t get a mortgage?

Don’t despair. You are not too old to get a mortgage at sixty or even later, although it may take a bit of work. And borrowing into later life is not unusual, with some lenders looking kindly on people in their sixties and seventies.

Many baby boomers are not the fabled rich retirees of the popular press but hold considerable amounts of mortgage debt. Research from the national charity Citizens Advice estimates 934,000 people have interest-only mortgages and do not have a plan for how to pay off the loan when the term ends.

Indeed, mortgage debt held by over-sixty-fives is expected to rise from £20.1bn to £39.9bn by 2030, a study by the International Longevity Centre – UK, supported by the Building Societies Association, found.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM THE PEOPLE'S FRIENDView All

Three Wishes

The genie was waiting – and Daisy had some thinking to do!

8 mins read
The People's Friend
December 02,2017

Stay Strong, Stay Steady

To help prevent falls, build your muscles. Our Health Writer, Colleen Shannon, reports.

2 mins read
The People's Friend
December 02,2017

This Whole Pizza-Oven Saga Has Seemed Like A Never-Ending Story

In her weekly column, Maddie Grigg shares tales from her life in rural Dorset . . .

3 mins read
The People's Friend
December 02,2017

Modern Man

With Andrew it was important that everything was up to the minute. Where did I fit in?

9 mins read
The People's Friend
December 02,2017

Now You See It

Legend had it the ghost only appeared to one person at a time. Who would be next?

4 mins read
The People's Friend
November 25,2017

I Just Couldn't Resist Going On The Trip

In her weekly column, Maddie Grigg shares tales from her life in rural Dorset . . .

3 mins read
The People's Friend
November 25,2017

How To Choose An Electric Blanket

A quick guide from consumer expert Lorna Cowan.

2 mins read
The People's Friend
November 25,2017

Problems With Night Vision

Do you have trouble seeing after dark? Our Health Writer, Colleen Shannon, reports.

2 mins read
The People's Friend
November 25,2017

Your Money Mortgage Matters

Stephanie Hawthorne, award-winning financial journalist, writes for us.

3 mins read
The People's Friend
November 04,2017

Vintage Vehicles

Pat Coulter braves a chilly start for the annual London to Brighton Veteran Car Run.

4 mins read
The People's Friend
November 04,2017