Widow, 73, left worrying he'd 'be kicked out of his house' due to mortgage 'nightmare'

One in three mortgage borrowers may be overpaying on their mortgage, FCA figures show, and the long term effects could lead to an increase in ‘mortgage prisoners’. A recent survey from interactive investor found that respondents had an average age of 60, with 11 years remaining on their mortgage.

This suggests that many people will still have some kind of mortgage commitment when they retire. Some 12 percent of respondents were worried they may never pay it off.

There are currently around 250,000 ‘mortgage prisoners’ in the UK, but this could just be the tip of the iceberg, according to LiveMore, a lender specifically focused on working with people who have become a slave to their mortgage.

One such victim, Alan, spoke exclusively to Express.co.uk about the mortgage issues he ran into following the death of his wife.

Alan, 73, was a recent widower and was also recovering from surgery following a cancer scare when the problems arose. He explained the 18 months of dealing with these complications “hasn’t been easy.”

Widow, 73, left worrying he'd 'be kicked out of his house' due to mortgage 'nightmare'
© GETTY pension mortgage problems retirement uk

Alan retired from his 40-year career in engineering in 2005 at the same time as his wife. The couple went on to buy a static caravan in Caernarfon which they could use to enjoy short breaks away from their home in south Wales, where they had raised their two children.

Alan said: “Unfortunately, my wife passed away last year. We had 12 very good years together [when we retired] before she became ill. We did plenty of walking and enjoyed life to the full.”

He recalled: “When she retired we were offered a good discount on a house because she worked for the council, so we purchased again in 2006 and got a mortgage through a mainstream bank on interest only, because it was a lot cheaper.

“The plan was to sell the house and the caravan after 15 years and buy a little house in North Wales because that’s where we both loved.”

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It was only after Alan’s wife died unexpectedly that his housing situation became difficult.

There were issues with the Land Registry department, who had incorrectly registered him and his wife as unmarried partners. This subsequently led to legal complications.

He received little help from various lenders and brokers who he said were quick to dismiss him. Alan was left frustrated as his current lender stalled on renewing his mortgage.

Alan described the process as “a nightmare”.

Widow, 73, left worrying he'd 'be kicked out of his house' due to mortgage 'nightmare'
© Express what is state pension

“I was worried I was going to be kicked out of my house and have to sell the caravan,” he said.

After contacting LiveMore, he said things have started to improve, and his mortgage concerns have been put to bed.

“It’s far easier for me to manage a mortgage now,” he said.

Now, with his mortgage concerns a thing of the past, Alan keeps himself busy with his allotment and voluntary work with a local football club.

Widow, 73, left worrying he'd 'be kicked out of his house' due to mortgage 'nightmare'
© GETTY pension mortgage problems retirement uk

Since his wife passed away, Alan’s main source of companionship has been his Shih Tzu dog Fred, who enjoys trips to the caravan just as much as his owner.

“Fred has been my saviour,” Alan said. “I don’t know what I would have done without him.

“He loves it up there [in Caernarfon] because we’re only 100 yards from a two-mile-long beach. It’s lovely.

“If we want to go away for a nice quiet night, that’s where we go. I’m so glad we still have it.”

Express.co.uk has contacted The Land Registry asking for comment.

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