Third of pensioners' income is used to pay off a mortgage

SunLife surveyed 2,063 over 50s and found that while 86% of those with outstanding mortgages are still working, 14% are retired. The provider said this means that of all pensioners in the UK, one in 20 (5%) – the equivalent of almost half a million (494,541) older people – still pay monthly mortgage payments.  The retired mortgage holders still owe more than £60,000 (£63,643) on average, costing £765.75 a month. As a pensioner's household income is just over £30,000 on average, this means that 30% of their income is being spent on housing, totalling £9,192 per year, SunLife detailed. ...