42% of Q4 2023 new mortgages have terms beyond state pension age, raising concerns over retirees' financial security.

Former pensions minister Sir Steve Webb warns that young home buyers are taking on ultra-long mortgages, putting their retirement prospects at risk. Bank of England data reveals 42% of new mortgages in Q4 2023 had terms beyond the state pension age, increasing from 31% in 2021. With a growing number of people choosing longer repayment periods to control costs, the trend raises concerns over the financial security of retirees.

May 12, 2024
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