Research carried out by Post Office Mortgages reveals that the average age an adult was mortgage free a generation ago was 51. High house prices and the challenge of saving enough for a deposit have also meant that many homeowners are getting on the property much later than their parents, taking out their first mortgage at an average age of 33.

Despite the struggles facing prospective homeowners, four-in-five still aspire to own their home outright. Others, however, are pushing back outright ownership by remortgaging and using the equity to fund other ventures like improving their current home or buy a second home, while others financially help out their children.

One-in-eight said they are sure they will not be able to keep to their current mortgage term, while a further 14% are sweating over meeting their mortgage terms.

John Willcock of Post Office Mortgages said:

“One of the major financial changes that has occurred over recent generations is when we might get to pay off our mortgage.

“Whereas older generations have often lived mortgage-free for decades, for younger homeowners, who are getting onto the housing ladder in their thirties, the end of a mortgage is now being delayed.

“For many, the flexibility that remortgaging offers means they often use their mortgage to invest in additional properties or improve their current home – again pushing the age up.

“Wider societal trends, such as multi-generational living, higher divorce rates, and the need to pay for university fees are also having an impact and pushing back the age at which we might finally be able to say we truly ‘own’ our homes.”