Pensioners still paying mortgage debt

Over a million UK borrowers over the age of 55 face more than a decade of mortgage payments.

And the over-55s with less than 10 years left to go are forking out an average of £725 a month to support the typical £55.046 homeloan, according to adviser website Impartial.com.

Spokesperson Karen Barrett said:

"This study suggests that many baby boomers are facing up the reality of still having a mortgage debt close to, or even beyond, their retirement age."

Meanwhile, a report from debt solutions group Payplan reveals that more and more people are putting off retirement because they have substantial other personal debt to pay off.

It claims the average 50- to60-year old who has taken out a debt management plan owes £41,400 on credit cards, loans and other unsecured borrowing.

That is 25% more than other age groups, who owe and average of £32,700.