Mortgage warning: Surge in “ultra-long” home loans that run past state pension age even as rates are falling

One million homeowners have taken out mortgages that they will still be paying off in retirement even as rates drop. We take a close look at the figures - plus, how to make your mortgage more affordable.

Senior couple going over bills at home
(Image credit: mixetto)

More than one million older homeowners have taken out “ultra-long” mortgages in the past three years, creating a potential risk as they will still be paying off into retirement.

The fastest growing group of people taking out mortgages beyond state pension age is those aged under 40, many of whom are first-time buyers.

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Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.

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