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Centre for Policy on Ageing | |
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The mortgage debt of older households and the effect of age
— an analysis using the Wealth and Assets Survey 2008-10 | | Corporate Author | Personal Finance Research Centre (PFRC), University of Bristol; International Longevity Centre UK - ILC-UK |
| Publisher | International Longevity Centre UK - ILC-UK, London, September 2013 |
| Pages | 12 pp |
| Source | ILC-UK, 11 Tufton Street, London SW1P 3QB. Download from: http://www.ilcuk.org.uk/index.php/publications/pub... |
| Keywords | Mortgages ; Owner occupied dwellings ; Cross sectional surveys. |
| Annotation | As people aged 50+ get older, they are less likely to have a mortgage, and the amount they owe decreases. However, 21% of all households headed by someone aged 50+ had outstanding mortgage borrowing on their main home in 2008-10. Among the over 50s with outstanding mortgages, the mean average owed was £62,200; and 13% of all older mortgaged households were struggling to repay their mortgage. This report examines research on three key areas: the effect of age in predicting mortgage borrowing in older households; the relationship between age and heavy mortgage borrowing; and the likelihood of older mortgaged households having difficulties in meeting their monthly mortgage payments. This working paper by the Personal Finance Research Centre under its the financial well-being in older age programme of work being, was carried out in collaboration with the International Longevity Centre UK (ILC-UK) and funded by the ESRC Secondary Data Analysis Initiative (SDAI). It is also available on the PFRC website (see: http://www.bris.ac.uk/geography/research/pfrc/esrc... (RH). |
| Accession Number | CPA-131014002 E |
| Classmark | WQA: KEA: 3KB * |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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