My parents are lucky. They’re in their 60s, mortgage-free and not bogged down by any personal loans. But if new research is to be believed, they are likely to be one of the last generations to enjoy this financial freedom in retirement.
Saga Personal Finance has found that one in eight of the over 50s still has a mortgage. And the figure for so-called ‘second-lifers’ – people aged 50 and above who have children with a new partner following a previous marriage or long-term relationship – is one in five.
There’s more bad news. The average mortgage debt owed by second-lifers is significantly higher than the typical amount for people their own age without a new family. According to Saga, which specialises in products for the over 50s, second-lifers estimate they have more than £80,000 left to pay on their mortgage compared to £60,000 for their contemporaries.
I can’t imagine being mortgage-free in my 60s, let alone my 50s.
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