Investment News | Business | Finance | Britain
  • Home
  • About
  • Azerbaijani
Browsing: / Home / Retirees Strapped with Mortgage Payments
Print Email Shortlink

Retirees Strapped with Mortgage Payments

By Jessie Wilkens on October 24, 2011 in housing, UK real estate

In a new twist for the UK, over 25% of those who are looking to purchase their first homes are in their 40s. This is creating a situation where buyers are either being forced to pay off their mortgages with faster than normal terms or to become senior citizens strapped with a mortgage.

Longer Renting

This situation has come about as many are forced to continue renting longer due to job insecurities and credit drought. According to the property website Rightmove and its research, over half of tenants who are currently renting feel stuck and would like to branch out into purchasing property. As Miles Shipside, the firm’s commercial director explains, they “are trapped.”

As he said,

“The global economic woes that have left first-time buyer numbers at record lows will shatter the goals and aspirations of many as they face the reality of renting for far longer than they originally planned.”

Rents Raising as Well

To make matters worse, a report recently found that rents in England and Wales have reached record highs, forcing renters to continue paying astronomical amounts, while keeping them for saving for a purchase.

A study last year by the insurance specialist Aviva showed that 10% of homeowners over 75 are still paying off their mortgage.

Share this on: Mixx Delicious Digg Facebook Twitter
AvivaMiles Shipsidemortgage ratesRightmove
  • Related Stories
  • Most Popular
  • Trouble in the Restaurant World?
  • ASOS and Kenyan Fashion Bloggers Teaming Up
  • Monthly Index Shows British Optimism
  • Thomas Cook Facing Closures
  • Many Reasons to Write Your Will
  • A New Look for Abercrombie & Fitch?
  • Trouble in the Restaurant World?
  • Aegon Study Shows Distrust of Pension Plans
  • Hops Hopping as English Beer Industry Booms
  • Three Years After Nationalization Northern Rock Heading Back to Private Ownership
  • FSA Opening Regulatory Discussion on EFTs
  • Coutts to Change Image to Offering Investment Services
← Previous Next →
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • Copyright © 2025 Investment News | Business | Finance | Britain.

    Powered by WordPress and News.