The population in general is living longer and working longer, and that is resulting in more UK residents taking on loans later in life and bringing mortgages with them into retirement, according to recent data. This is creating a fresh batch of challenges for the housing market to not just be aware of, but overcome for the benefit of all who purchase property. A recent conference was held in which one of the primary topics was aimed squarely at industry heads. The message of not discriminating on the basis of age alone was made clear by David Sinclair, director of the International Longevity Centre-UK.

He urged seniors to make wise choices regarding real estate, especially in the area of buy to let as investment options. Seniors face several challenges as they continue through retirement, although many behave as if they have sustained income, which they do not. The CML continues to make strides forward to help seniors overcome challenges which arise without warning.

Research shows the percentage of mortgages seniors take into retirement is growing. The average amount of housing wealth seniors are holding is £122,000.

Sinclair commented on the current financial state of retiring seniors, saying: “The industry and the regulatory environment have been seemingly struggling to respond to ageing and demographic change. We are, however, very pleased to see that the industry have begun to respond to these challenges through the important work being led by the CML.”

“We are living longer, our family structures are changing, we are marrying later and we are working longer. At the same time, financial insecurity will result in more people needing to borrow more and later in life. We should be particularly worried about those retirees with interest only mortgages but no linked investment.”