1m still paying off a mortgage in their 70s

According to a new report from Saga, nearly 1m people in their 70s are still paying off their mortgages with an average debt at £38,000. Many still face payments because of shortfalls in endowment policies that were taken out alongside interest-only mortgages in the 1980s and 1990s. The report found that a third of those with such arrangements said they now had no option but to sell their home. Separately, the Mail reports that 10% of the 2.6m households with interest-only mortgages are thought to have no plans in place to repay them and face taking out a lifetime mortgage to stay in their homes. London & Country suggest they are likely to pay three times more interest than the amount they originally borrowed to buy the house.

Source: Daily Mail

We say: We’re waiting for this to be billed as the next “mis-selling” scandal. What do you mean, I have to repay the capital? No-one told me I would have to repay the capital. It was sold to me as an “interest-only” mortgage. No-one said anything about having to repay capital. OK, so it might have been in the small print but you couldn’t expect me to read all the small print. I’ve paid the interest so that must be it, surely. I demand compensation.

NICOLA HALL

BILSHAN MENSAH

Sam Inkersole

In 2022, Sam won the Taxation’s Rising Star award at the Taxation Awards in and was named in the Accountancy Age 35 Under 35.

Jon Wedge

While Jon’s client work focuses on the financial services sector, he also oversees the firm’s assurance service, as well as supporting the trainees following in his footsteps.

ELANA DIMMER

Elana joined us in 2017 as an ACA trainee, after graduating from Durham University where she had studied languages. She is now a manager in our assurance team.

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