How common/uncommon is it to have a 100,000 mortgage at age 65?

[Guest]

I'm currently evaluating my financial position, especially in relation to my mortgage, as I approach retirement age. One aspect I'm curious about is how my mortgage situation aligns with that of others in my age group.

For individuals familiar with the topic or those in the financial sector: How usual or unusual is it for someone to still have a mortgage balance of around £100,000 at the age of 65? Is this scenario relatively common, given the current economic landscape and housing market trends, or is it seen as atypical?

Gaining a broader understanding of this can help me put my own financial situation in perspective.

[Kate]

I wouldn't be able to sleep at night. Mine was paid off by the time I was 48.

[Scott]

That's doing life right.

Why slave all your life to pay your house off and leave it to your kids? If you've raised them right you'll have given them the ability to earn their own money, not rely on inheritance. Inheritance tax should be upped to 100%.

Imagine the boost to the economy as all the pensioners scrambled to spend their estate instead of giving it to the corupt government!

Don't miss: Those that have renewed their mortgage recently and were offered 2 year or 5 year fixed. Which did you go for?

[Karen]

Mine was paid off 15 years ago I’m now 52.

[Kayleigh]

39 and can’t get a mortgage due to affordability. Mortgage for a property in my area would be around 900-1000 per month. Work full time in a well paid job.

Been paying private rent of £1350 for years without missing a payment.

Someone make it make sense.

[Anna]

I don't know how common it is, but if it's on a house worth, say, 500k, then it's not so bad. Better than having a house worth 150k and mortgage free.

We paid our 1st mortgage off at 35 (bought it aged 20). We're both 40 this year and only have 10yrs left on this mortgage. When we die, it will all go to our kids. I haven't worked hard to let government take it - that's for sure!! It'll be a nice little leg up for my kids.

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[Jo Bell]

Mine was paid off but I got divorced and bought a house on my own, I’m 48 and have a mortgage again, is what it is, better than being in a bad marriage.

[Johanna]

I’m a mortgage broker and I can say this is really quite common to see and will become more so as must mortgage terms go to age 75 these days as people can’t get onto the property ladder until later on life. Because of this lenders are changing criteria to accommodate this.