Warning: Nearly half of new mortgages now extend beyond borrowers' pension age, risking retirement savings.

Former Pensions Minister Steve Webb warns that nearly half of new mortgages now extend past borrowers' pension age, up from a third in 2021. This trend primarily affects younger borrowers, with a 30% increase in under-40s taking out long-term mortgages due to high housing prices and interest rates. Webb cautions that this could impact retirement planning, potentially forcing people to use their pension savings to clear mortgage debts.

December 02, 2024
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