A MILLION more take on mortgages they will still be 支払う／賃金ing off after 66

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if 限られた／立憲的な 年金 マリファナs are used to （疑いを）晴らす a mortgage balance at 退職, people will be at greater 危険 of poverty in old age, says Steve Webb

A million people have taken out home 貸付金s in the past three years which run beyond the 現在の 明言する／公表する 年金 age of 66, new data from the Bank of England 明らかにする／漏らすs.?

The 'shocking' 人物／姿／数字 shows the challenge of getting on the 住宅 ladder is 軍隊ing large numbers of 買い手s to 賭事 with their 退職 prospects by taking on ultra-long mortgages, 警告するs former 年金s 大臣 Steve Webb.

He says there is a real 危険 may of these borrowers will have to （警察の）手入れ，急襲 their 年金 貯金 to keep 支払う／賃金ing or （疑いを）晴らす their mortgage at 退職, leaving them with いっそう少なく to live on in old age.

'Serious questions need to be asked of mortgage 貸す人s as to whether this lending is really in the borrower's best 利益／興味s,' says Webb, who is This is Money's 年金 columnist and a partner at LCP.

The fastest-growing group of people taking out mortgages stretching into 退職 are those 老年の under 40, many of whom are first-time-買い手s, によれば Webb who 得るd the 公式の／役人 data under a freedom of （警察などへの）密告，告訴（状） request.

The 百分率 of new mortgages in the fourth ４半期/4分の1 of the past three years which ran past 明言する／公表する 年金 age has jumped from 31 per cent in 2021 to 38 per cent in 2022 and 42 per cent in 2023.

> Worried about 支払う／賃金ing off a long mortgage? Find out what to do below

Between 2021 and 2023, the number of people 老年の under 30 who did this 急に上がるd 139 per cent. There was a much larger cohort who did this 老年の 30 to 39, but the rise was much いっそう少なく 法外な at 29 per cent.

This is likely to be in 返答 to the unaffordability of house 購入（する）s for many younger people, によれば Webb.

'Although a mortgage taken ou t in someone's 30s, perhaps as a first time 買い手, is 高度に ありそうもない to be someone's last mortgage, the 危険 to 退職 depends on what happens over the course of their working life and whether or not they are able to 縮める the 称する，呼ぶ／期間／用語,' he said.?

Source: Mortgage data 供給（する）d by FCA to Bank of England

Webb says his 最高の，を越す 関心s are:

- Those who have mortgage 負債 at 退職 may use their modest 自動車 enrolment 年金 マリファナs to （疑いを）晴らす the 負債, leaving little for 退職 itself and jeopardising their later life 基準 of living;

- In the past, when people mostly paid off their mortgage before 年金 age, they could spend their final years in work 上げるing their 年金 マリファナ. Even if mortgages only run to 年金 age (and not beyond), it 奪うs people of a period pre-退職 when they might have paid off their mortgage and be able to 上げる their 年金;

- Mortgage 貸す人s can have little certainty as to the 未来 年金 income of someone in their 30s today, so cannot know if borrowers will have enough income in 退職 to service a mortgage 負債;

- Growing numbers of people have dropped out of the 労働 market before reaching 年金 age which puts extra 圧力 on keeping up 支払い（額）s on a long-称する，呼ぶ／期間／用語 優れた mortgage.

The number of people in each age group in 2023 Q4 taking out mortgages which run past 年金 age and how that number has 増加するd over the previous two years. Source: Mortgage data 供給（する）d by FCA to Bank of England

'The 抱擁する number of mortgages which run past 明言する／公表する 年金 age is shocking,' said Webb.

'We already know that millions of people are not saving enough for their 退職 and if some of that 限られた／立憲的な 退職 saving has to be used to （疑いを）晴らす a mortgage balance at 退職 they will be at even gre ater 危険 of poverty in old age.'

Webb （米）棚上げする／（英）提議するd an FOI request に引き続いて separate （警察などへの）密告，告訴（状） from the Bank of England?in March which showed around two in five new mortgages to people in their 30s ran past 年金 age in the fourth ４半期/4分の1 of 2024.

That is up from 23 per cent in 2021, he discovered after delving その上の into the 問題／発行する, and 得るing mortgage data 供給（する）d by the 財政上の 行為／行う 当局 to the Bank of England.

What to do if you're worried your mortgage will run into 退職

If you are not 推定する／予想するing to be able to 支払う／賃金 off your mortgage by 退職, you have several 選択s.??

Continue 支払う／賃金ing - if you can afford it?

It is still possible to continue 支払う／賃金ing your mortgage past 明言する／公表する 年金 age 退職 if your means 許す, for example if you are still working.?

Mortgage 貸す人s used to 主張する that mortgage 負債 was repaid by a borrower's 65th birthday, but more have now 解除するd their 最大限 age 制限 to 85.?

This means it is possible for borrowers who can afford it to remortgage, and keep 支払う／賃金ing their 貸付金 off as usual.??

Overpay while you are still working

Even if you may not be able to （疑いを）晴らす the entire mortgage before you retire, overpaying while you are still 収入 will 減ずる the 負債 and help you to 支払う／賃金 it off quicker.?

Most 貸す人s 許す borrowe rs to overpay a 確かな 量 each year, often 10 per cent of the remaining balance, without incurring 料金s.?

Downsize and 支払う／賃金 off the 貸付金

If you are open to the idea of moving home, 購入（する）ing a smaller or いっそう少なく expensive 所有物／資産／財産 完全な could enable you to use the 公正，普通株主権 you have built up in your 存在するing home to 支払う／賃金 off what you 借りがある and become 負債-解放する／自由な.?

Consider a 退職 利益／興味-only mortgage

Over-55s can 適用する for a 退職 利益／興味-only mortgage or Rio, though the 最大限 borrowing is usually between 50 and 70 per cent of the value of their home.

You 支払う／賃金 only the 利益／興味, which makes the mortgage more affordable for borrowers in 退職. The 負債 does not have to be repaid until the last homeowner dies or moves into long-称する，呼ぶ／期間／用語 care.

It can be repaid sooner, 刑罰，罰則 解放する／自由な, if the mortgage 取引，協定 has 満了する／死ぬd. Some 貸す人s 申し込む／申し出 overpayment features.

Consider 公正，普通株主権 解放（する）

公正，普通株主権 解放（する） 貸付金s, also known as lifetime mortgages, can be used to 返す any 優れた mortgage 負債, 支払う／賃金 for home 改良s or to help loved ones の上に the 所有物／資産／財産 ladder, for example.

The 貸付金 does not have to be repaid until the last borrower dies or moves into long-称する，呼ぶ／期間／用語 care, but 利益／興味 rolls up over time and the 利益／興味 率s are higher than a 伝統的な mortgage.

It will also 影響する／感情 the 量 of 相続物件 you are able to leave behind.?

> Read our guide to the ten steps you need to consider before using 公正，普通株主権 解放（する）.??