Many of the country’s pensioners are turning to equity release as a means of repaying their mortgage debt, it has emerged.
Research from Key Retirement Solutions shows that the average mortgage debt stands at £43,069, with the financial burden failing to ease as pensioners go further into their retirement.
Chris Tapp, Director of charity Credit Action, comments: "These figures dramatically demonstrate how skewed this picture has become in recent years as people have been forced to borrow more and borrow for longer to afford property.
"This debt dependency is hugely concerning and something we as a society need to urgently address."
It is estimated that those over the age of 70 are struggling most with the burden of mortgage debt, with loans averaging at around £48,442.
This, according to Key Retirement Solutions, is a stark difference to the £34,272 debt experienced by the 65-69 age group.
Earlier this week, Safe Home Income Plans revealed how pensioners are being affected by cuts in the base rate, with their income being slashed by a quarter over the course of the last 12 months.