Have we reached the point where the average working life isn’t long enough for us to buy a home? That’s the picture emerging from another week in which there was another raft of data about incomes, savings, mortgages – and house prices. At one end of the lifespan are older home owners stuck with mortgages, inadequate pensions and looming care bills. They’re not going to be able to pay off their mortgages and they’ll have to sell up, downsize, take out lifetime loans in the form of equity release – or, like their much younger counterparts, rent.
Official figures suggest there are over 500,000 over-60s still with mortgages, a figure that is growing by about 10% per year.