Nearly one in ten pensioners still have a mortgage

Some owe hundreds of thousands of pounds, and have no option but to remortgage.

Also instead of enjoying retirement, many pensioners are having to continue working in order to cover the cost of their mortgage

A survey of 6,000 Britons for Saga found that 8.6 per cent of over-65s have a mortgage.

A separate report, from the economic research group Policis, suggests the problem will get worse. It found that 53 per cent of over-50s with a mortgage have a loan which stretches past their 65th birthday.  Nearly two-thirds said they ‘intend to borrow into retirement to support their financial plans for later life’.