Pensioner mortgage debt grows 20%

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Over 55s have seen their outstanding mortgage debt grow by 20% over the past year, according to Key Retirement Solutions (KRS).

Research by KRS found that people aged over 70 are facing the biggest problems, with the average debt standing at £45,493. A survey of over 55s releasing equity from their home through KRS discovered the average mortgage debt amongst clients was £37,316, and KRS says this amounts to around £200bn across the whole of the UK. One in three over 55s have an outstanding mortgage debt, and Consumer Credit Counselling Service figures show the number of pensioners seeking debt help is equal to the number of under 25s with financial problems. Dean Mirfin, business development director of KRS, com...

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