29 Apr

Mortgage advice given to pensioners

Mortgage advice given to pensioners

Pensioners who are still paying off mortgages have been given advice by one industry practitioner.

According to Andy Pratt, the chief operating officer at Alexander Hall, such people should come to an agreed position with their finance providers.

He commented: "Essentially they have got to keep the lender involved and eventually agree a position with the lender so that they can move forward on an agreed basis with them about paying back the balance."

Mr Pratt added that individuals can seek advice from a broker or from organisations such as Citizens Advice if they find they are struggling to make the necessary repayments.

His remarks followed the release of figures produced by Key Retirement Solutions, which revealed that more than a quarter of consumers who have entered their post-work years still owe money for their homes.

It was also shown that the average amount owed by pensioners in this position was £45,602.
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