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Rise in over-60s with mortgage arrears

More older people are seeking help with mortgage arrears. The number of over-60s contacting the charity with mortgage arrears has risen by 44 percent since 2009, compared to an average increase of just three percent across all age groups.

A total of 5,719 homeowners over the age of 60 contacted us for advice on dealing with unmanageable debt in 2011 – of which one in five (1,111) had mortgage arrears, up from 769 in 2009.

The average arrears of clients in this age group has also increased – from £3,556 in 2009 to £4,375 in 2011, with clients an average of six and a half months behind with their mortgage payments last year.

We are going to monitor closely this trend and believe it is particularly worrying given the current low interest rates.

We are warning that, with many older people taking higher levels of debt with them into retirement, this could be the start of a long-term trend towards far higher levels of mortgage difficulty in later life.

Family members have a key role to play, that if a parent or grandparent is struggling to cope with their mortgage costs or other debts, the best thing to do is to help them seek free debt help from a debt charity as early as possible.

StepChange Debt Charity new contacts

Contact the the StepChange news team on:

Tel: 0207 391 4583

Mobile: 07507 880 478

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange Debt CharityPressOffice

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Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016