Extra.ie: 3 in 10 homeowners will be paying mortgage in retirement
0Three in 10 Irish homeowners believe they will still be paying off their mortgage when they are in retirement, a new survey from insurer Royal London has found.
Around 29% of 1,000 respondents to the survey predicted that they would be repaying their mortgage when they reach 65 and over, while just 38% of people said they will have repaid their mortgage before they reach 60.
‘Mortgage debt is the biggest form of credit that most people will ever have in their lives,’ Royal London’s Joe Charles said. ‘First Time Buyers are getting older, and it’s not uncommon to see people in their mid-thirties entering large value, 35-year mortgages.
