Pensioners are still paying mortgages

One quarter of pensioners and those close to retirement are still making mortgage repayments according to a study by Key Retirement Solutions.

According to Key Retirement Solutions, combined pensioner mortgage debt is around £98 billion. The frightening statistic is that those over 70 look likely

Those over the age of 70 look likely to be worse off facing as much as £37,000 in mortgage debt during their twilight years.

Chris Tapp from Charity Credit Action, said: "Unfortunately in this day and age, someone's hair turning grey is not an indicator of their bank balance being any less in the red,"

"At Credit Action we are concerned that this is a trend which is only likely to get worse as we see people borrowing more, borrowing for longer and saving less in a desperate attempt to get a foot on to the housing ladder."