Gen X mortgage holders expecting to keep paying after retirement

January 22, 2024 by Brendan O'Neill

Home owners

New research has shown that a sizeable percentage of Generation X homeowners are now expecting to still be paying off mortgages after they pass the retirement age.

This research was produced by Just Group, a company that specialises in retirement services and products. It found that 27% of Generation X mortgage holders – around one out of every four – are unsure that they will be capable of completing repayment of mortgage loans before they hit 67. Generation X typically refers to the group of people who were born between 1965 and 1980.

Looking more closely at that statistic, 14% told the study that they are not certain that their mortgage will have been completely paid off by the time they reach pension age. The remaining 13% stated that they are sure that it will not be.

London is the region of the country with the highest percentage of Generation X mortgage holders in that position, at 26%. By way of contrast, the average figure for the country as a whole is 13%. This should not be surprising though, as house prices, and therefore mortgages, are higher in the capital than most other parts of the UK.

A further 45% of G people between 45 and 58 years old told the survey that mortgage repayments are taking longer than they expected them to.

It is possible that mortgage advisors with CeMAP training could identify product transfer options that would help some of the people in this situation.