Over-55s need ten more years to pay off secured loans, survey finds - Loans - News - Moneyfacts

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Over-55s need ten more years to pay off secured loans, survey finds

Over-55s need ten more years to pay off secured loans, survey finds

Category: Loans

Updated: 31/10/2008
First Published: 10/10/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Those approaching retirement continue to have outstanding secured loans, research has found.

According to the Financial Times, a study by Impartial has revealed that the average homeowner over the age of 55 owes more than £55,000.

And approximately 1.4 million have at least ten years left on their mortgage, the survey of 2,000 adults found.

Marketing director at Impartial Karen Barrett advised consumers to seek advice in order to find the best way of paying off secured loans.

"It is crucial that the next generation of homeowners do all that they can to be debt free earlier - as this will give them much more financial freedom to prepare for retirement," she was quoted as saying.

The research followed a study released by debt solutions company Payplan last week.

It found that those between the ages of 50 and 60 owe an average of 25 per cent more through unsecured loans than any other age group.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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