Many willing to work on a pension to keep home, study shows

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Financial Services > Pensions > News

Many willing to work on a pension to keep home, study shows

Thu, 09 Nov 2006

Many UK adults are willing to work on after reaching retirement in order to keep their family home, according to new research.

More than one-quarter of Britons would continue to work if their pension was inadequate to make mortgage payments, a study from Bradford & Bingley has revealed.

Additionally, the survey revealed that 85 per cent of UK homeowners would rather stay in their own property after reaching retirement than downsize to a cheaper mortgage.

However, Bradford & Bingley claims that pension incomes will be inadequate for many UK residents to maintain their payments.

Gus Park, head of lifetime mortgages at the company, commented: "Given the clear desire to retain financial independence in retirement, releasing equity from the home looks set to become an increasingly popular option for those looking to enhance their lifestyle in retirement."

He added that those wishing to find a remortgage should seek professional advice to locate the best deal.

Recent research from The One Account found that 43 per cent of mortgage holders believe that their repayments prevent them from making adequate pension savings.

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