Mortgage borrowers expect repayments to continue into retirement

More and more younger millennials are finding themselves in a position where they have an inability to start financing their first homes. The rate of UK residents who hold a current mortgage are steadily decreasing, and it could be due to the lengthy mortgage rates with high interest rates. Over 14% of homeowners claim that they see themselves still making payments on their home after their 70th birthdays. This is quite disheartening news for those who are seeking to own real estate in the future.

Key Takeaways:

Over 14% of homeowners claim that they will probably be still paying off their homes at age 70.
More and more millennials are opting out of purchasing homes due to how hard it is to find proper financing.
The rates of mortgage owners are steadily decreasing, and the market suspects it will continue decreasing overtime.

“Figures collected by the government’s Department for Work and Pensions for its Family Resources Survey 2016/17 confirm the statistics driving this changing attitude towards housing.”