Many of us envisage retirement as a peaceful winding down after several decades of hard work. But an increasing number of mortgage holders face having to put their relaxation on ice as they're left with no choice but to work past their pension age to pay off long-term mortgages. Homeowners are still reeling from painful interest rate increases by the Bank of England that pushed high street mortgage rates as high as 6.8%.
They plan to downsize once their two daughters leave home in around a decade or so, meaning they're not too concerned at this point. Father-of-four David Clarkson, 41, who lives in Flintshire, said he and his wife recently opted for a mortgage that will take them to 75, with a rate fixed for three years. It kept his payments within £150 of what they were paying before. He is hoping interest rates will drop in the next three to six years to allow them to pay it off in time.
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Source: SkyNews - 🏆 35. / 67 Read more »