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Borrowers face mortgage burdens into retirement

More than a third of homeowners face the prospect of working into retirement just to pay their mortgage, according to research from The One Account.

Some 36 per cent of homeowners predict they’ll be at least 60 before they own their home, and 43 per cent believe their mortgage prevents them from saving.

For 25-29 year olds, 17 per cent admitted that their mortgage repayments are preventing them from starting a family.

The One Account spokeswoman Debbie Milsom says: “Paying off a mortgage should not mean that people have to put their life plans on hold. It is worrying that homeowners perceive that it will take them until they are in their 60s before they pay it off when they should be spending this time preparing financially for their futures.

“A mortgage is perceived by many to be a huge burden but there are ways that people can manage these payments in a flexible way – giving them the opportunity to pay off their mortgage early.”

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