34,000 borrowers over aged 60 owe at least €100,000

[Brendan Burgess]

Mortgage debt like ‘an anvil hanging over my head, just waiting to drop’

Over 34,000 mortgages held by people aged 60 or above who still owe at least €100,000

www.irishtimes.com

... 22,000 people aged 50 and over who have fallen behind on mortgage payments. Data from the Central Bank, released to Labour Party finance spokeswoman Joan Burton, shows for the first time the number of people approaching, or already at retirement age, who are failing to deal with significant mortgage debt.


"small" mortgages could be turned into interest only mortgages as long as they are not trackers. This would suit both the borrower and the lender.

The interest on a €100k mortgage would be €250 a month.

Brendan

 

[Saavy99]

And what will pay the capital...

 

[Pinkpanter]

When they die. The sale of the house covers the debt.

 

[NoRegretsCoyote]

From the article:

The data do not show how many of these accounts are secured on family homes, versus debt owed on investment property.

I suspect the majority are BTLs.

Many over-60s will be able to access a lump-sum on retirement as well.


It's not at all clear from this article that this is a major problem for a lot of people.

 

[Brendan Burgess]

I suspect the majority are BTLs.

A very good point. I had just assumed that they were family homes.

Brendan