If you are relying on your pension increasing in value to pay for at least some of your retirement, it is wise to have a plan in case this doesn't happen - particularly if you have taken out a lump sum. SJP's Lee Blissett adds: 'You need to be sure that you can afford to retire at 65 and that the remaining pension fund will be sufficient to meet your needs after you have paid off the loan.'Īssuming at least part of your pension is held in investments rather than cash, spending some of the money paying off the mortgage would mean you lose the opportunity for those funds to appreciate. 'Ongoing mortgage costs in retirement are not ideal as generally retirement income levels are lower than income levels during working life.'
'Firstly, the mortgage is set to run until age 71 - but it certainly would be preferred to have repaid this mortgage by retirement. John Moseley, financial planner at Charles Stanley says: 'There are a few areas to clarify and review to determine the best way forward in this situation. Looking for a new mortgage? Check out the best available deals here.
It's a haggler's market: As house prices stall, the climate is ripe for negotiating your dream home.
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