- Business
- Childbirth & Education
- Legal Formalities
- Motoring
- Other
- Pensions & Benefits
- Property & Accommodation
- Taxes
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Join us for Tea on the Terrace
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
- Liva & Laia : 15th November
Homeowners should ensure they have agreements in place with their mortgage lenders to ensure they are not still making payments when they have retired, according to independent advisor Alexander Hall.
The comments follow the publication of a report by Key Retirement Solutions, which revealed that 27 per cent of pensioners still have a mortgage, with the average amount owed standing at more than £45,000.
According to the study, just fewer than 21 per cent of pensioners also have credit card debt and a similar number have outstanding loans running into thousands of pounds.
Andy Pratt, chief operating officer at Alexander Hall, said: "[Mortgage debt] shouldn't run into retirement.
"It is not necessarily just down to the particular advice; it is what has happened to the client in the meantime and whether they have made appropriate contact with the lender or another body to get advice on the best way to restructure that debt."
The figures could inspire a number of people to release some of the value of their home with a lifetime mortgage, which can provide homeowners with a lump cash sum or a regular income.