More than a quarter of people aged 55 believe they will still be shelling out mortgage repayments well into their 70s.
And more than one in 10 fear they will never clear the debt, according to investment firm Hargreaves Lansdown.
Two in five first-time buyers in 2017 will still be repaying home loans when they are 65, the Financial Conduct Authority predicts.
Sky-high prices and people taking on new loans after divorce fuel the misery.
But there are signs this could be misplaced optimism as city watchdog, the Financial Conduct Authority, found two in five first-time buyers in 2017 will still be repaying mortgages when they are 65.
A mix of circumstances has led to people being unable to clear mortgages at a reasonable age, nearer their 50s which was more the norm for past borrowers.
From sky high property prices and people taking on home loans later in life to borrowers stuck on interest-only mortgage deals they cannot afford to repay and others starting all over again and trying to get finances back on track after divorce.
It’s no wonder almost half of adults are worried they will struggle to afford to keep up mortgage repayments from pension incomes and risk running out of money during their retirement.
Sarah Coles, personal finance analyst at Hargreaves Lansdown, said: “While previous generations might be footloose and mortgage free by their 50s, increasingly we’re saddled with debts as we head into retirement.
“High property prices and more people in higher education mean we’re buying later and borrowing more for longer.”
