Beware the risks of a long-life home loan: One in two mortgages will not be paid off by the borrower's 65th birthday

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One in two mortgages will not be paid off by the borrower’s 65th birthday, figures show.

About 52 per cent of new mortgage lending is going to borrowers who will still be paying back the loan after the milestone birthday, Trade body UK Finance reports.

In contrast only a third of new mortgage lending in 2014 went beyond the age of 65.

© Provided by This Is Money (

Longer mortgage terms and an ageing population are driving the trend.


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Charles Roe, director of mortgages at UK Finance, says: ‘There has been growing demand for mortgages from those aged over 55 and this is set to continue as more people live and work for longer.

‘Later life lending both now and in the future will be imperative as existing homeowners look to later life products for accessing equity as they get older.’

It comes amid a boom in the later life lending market. But experts warn of the risks of borrowing past retirement

Once homeowners get into their sixties, they may no longer be able to work and may struggle with mortgage repayments.

They may also be tempted to release some of their pension to pay off their mortgage.

Becky O’Connor, head of pensions and savings for Interactive Investor, says: ‘The trend of mortgages that last into retirement means people need to invest even more into their pensions if they still want to give up work and continue to meet housing costs.’

h.kelly@dailymail.co.uk

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