The study revealed 36 per cent of homeowners believed they would be at least 60 years old before they owned their home. Mortgage debt also prevented people from saving, with 43 per cent of those questioned unable to put any money aside at all.
Mortgage repayments were also shown to be having an immediate impact on the lives of the 25 to 29 year-old age group. 17 per cent admitted their mortgage repayments prevented them from starting a family.
However, owning a home was still a top priority for people, despite 20 per cent of homeowners believing they would not pay off their mortgage until they were in their 50s. As a result, many said they would not be able to live the lifestyle they would like to in their retirement years.
Ashley Clark, director at Need An Advisor.com, was unsurprised by the findings and said the answer was for people to take a realistic and sensible approach. He said: “Generation to generation, mortgages have always been a burden, but people expect more now and are not prepared to wait. As a general rule, the position has not changed; everyone has to save for a deposit. Borrowers need to look at all the options open to them. They don’t need to put their lives on hold, but they do need to take a sensible and realistic approach.”
Debbie Milsom, spokesperson for The One Account, commented: “It is very worrying that so many homeowners perceive that it will take them until they are in their 60s before they pay their mortgage off when they should be spending this time preparing financially for their futures. A mortgage is seen by many to be a huge burden, but there are ways that people can manage these payments in a flexible way, giving them the opportunity to pay off their mortgage loan early.”
