29
Apr
Mortgage advice given to pensioners
Pensioners who are still paying off mortgages have been given
advice by one industry practitioner.
According to Andy Pratt, the chief operating officer at Alexander
Hall, such people should come to an agreed position with their
finance providers.
He commented: "Essentially they have got to keep the lender
involved and eventually agree a position with the lender so that
they can move forward on an agreed basis with them about paying
back the balance."
Mr Pratt added that individuals can seek advice from a broker or
from organisations such as Citizens Advice if they find they are
struggling to make the necessary repayments.
His remarks followed the release of figures produced by Key
Retirement Solutions, which revealed that more than a quarter of
consumers who have entered their post-work years still owe money
for their homes.
It was also shown that the average amount owed by pensioners in
this position was £45,602.
