Editorial & Advertiser disclosure

Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Home > Finance > MORE THAN ONE IN THREE OVER-55S “STILL HAVE MORTGAGES”

MORE THAN ONE IN THREE OVER-55S “STILL HAVE MORTGAGES”

Published by Gbaf News

Posted on July 19, 2016

4 min read

Last updated: January 22, 2026

Elderly individuals engaging in work to boost pensions - Global Banking & Finance Review — This image illustrates elderly individuals actively working, reflecting the trend of nearly one in seven over-65s boosting their pensions. With median earnings of £296 weekly, it highlights the necessity for additional income amidst low investment returns.

Equity release advisers see surge in inquiries about interest-only issues
One in four equity release customers inquire about downsizing but decide against it , Bower research shows

More than one in three equity release customers are still paying off mortgages highlighting the growing need for retirement lending solutions, research* from national specialist Bower Retirement Services shows.

Its study found 36% of over-55s seen by advisers are still paying home loans and advisers are seeing a surge of inquiries from customers with interest-only loans. Bower’s quarterly Adviser Tracker Research* found 68% of equity release specialists have seen a rise in customers with interest-only loans looking for solutions.

Advisers are also reporting an increase in customers who have considered downsizing as a solution but then decided not to go ahead. Its study found 23% of clients who looked at downsizing did not go ahead with key reasons including staying near family and friends and not being able to find a suitable home.

Around 75% of those who did not go ahead said they wanted to stay near family while 54% could not find a suitable home.

Bower believes the recent launch by Santander and Legal & General of a partnership to offer lifetime mortgages as an option to customers facing the possibility of repayment shortfalls demonstrates the growing need for new solutions.

Andrea Rozario, Chief Corporate Officer at Bower Retirement Services said: “The Legal & General and Santander deal is a significant move for the launch of retirement lending but much more needs to be done.

“Significant numbers of people aged over-55 are paying off mortgages but do not have the range of options they need.

“Downsizing will be appropriate for many but it is also clear that many want to stay in their existing home for emotional and financial reasons and should be able to do so as long as it is in their best interests.”

One potential problem for clients is their home not being worth what they thought – around 18% of advisers say clients who went ahead with equity release found their house was valued at lower than they had expected.

Equity release advisers see surge in inquiries about interest-only issues
One in four equity release customers inquire about downsizing but decide against it , Bower research shows

More than one in three equity release customers are still paying off mortgages highlighting the growing need for retirement lending solutions, research* from national specialist Bower Retirement Services shows.

Its study found 36% of over-55s seen by advisers are still paying home loans and advisers are seeing a surge of inquiries from customers with interest-only loans. Bower’s quarterly Adviser Tracker Research* found 68% of equity release specialists have seen a rise in customers with interest-only loans looking for solutions.

Advisers are also reporting an increase in customers who have considered downsizing as a solution but then decided not to go ahead. Its study found 23% of clients who looked at downsizing did not go ahead with key reasons including staying near family and friends and not being able to find a suitable home.

Around 75% of those who did not go ahead said they wanted to stay near family while 54% could not find a suitable home.

Bower believes the recent launch by Santander and Legal & General of a partnership to offer lifetime mortgages as an option to customers facing the possibility of repayment shortfalls demonstrates the growing need for new solutions.

Andrea Rozario, Chief Corporate Officer at Bower Retirement Services said: “The Legal & General and Santander deal is a significant move for the launch of retirement lending but much more needs to be done.

“Significant numbers of people aged over-55 are paying off mortgages but do not have the range of options they need.

“Downsizing will be appropriate for many but it is also clear that many want to stay in their existing home for emotional and financial reasons and should be able to do so as long as it is in their best interests.”

One potential problem for clients is their home not being worth what they thought – around 18% of advisers say clients who went ahead with equity release found their house was valued at lower than they had expected.