For many homeowners, achieving mortgage freedom has always been a huge tick on the list of lifetime achievements, however, the tables seem to be turning. New research conducted by Ipswich Building Society reveals that over a third of participants (37%) expect to have a mortgage after 50 due to reasons other than not having reached the end of their term.
“The perceptions of having a mortgage later in life are changing,” said Richard Norrington, CEO of Ipswich Building Society. “Whereas previously achieving ‘mortgage free status’ has been a significant life goal amongst mature homeowners, many older borrowers are now making an active decision to take out a mortgage in order to facilitate lifestyle changes or provide financial assistance to family members.”
Reasons for holding a mortgage after 50