'Hundreds of thousands' dipping into pension pots to pay mortgage

Many expecting to make repayments beyond age 70

Hannah Godfrey
clock • 2 min read

Some 320,000 homeowners aged 51 to 65 are planning to use money from their pensions to pay off their mortgages, research from Just has found.

According to figures from the Office for National Statistics and Just's research, 316,049 homeowners with mortgages are planning to use a pension lump sum or income to pay off their mortgage. Of the approximately four million homeowners in this group, fewer than two-thirds are planning to clear their loans with regular monthly payments, while 365,432 are planning to use inheritance to pay off their home and similar numbers are planning to use savings and investments.  Meanwhile more than a quarter of a million people (285,714) are planning to sell their homes altogether. The resear...

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