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I feel very sorry for young couples today as they struggle to save a deposit to buy a home while also paying high rents on a home that will never be theirs. We married in 1977 and secured a 100% mortgage from our local council of all places to buy a modest terrace house and get our feet on that all important first rung of the property ladder. If only 100% mortgages could be made available again it would really help first time buyers many of whom pay far more in rent that they would mortgage repayments on a similar property. To prevent abuse and problems make it a condition that the availability of a 100% mortgage would not solely depend upon the earnings amount but also that those applying have paid rent without default for two years and for a sum that is around equal or less than the proposed monthly mortgage repayment.

paid ours off and it gave us so much freedom - best thing ever!

We paid ours off early by switching to a one account mortgage and throwing all our savings and salary excess at the end of the month at it.
Glad we did as it took the pressure off me returning to work after cancer treatment. It's also allowed my husband to work part time.
I'd hate to have a mortgage in retirement

I was brought up to believe if I couldn't pay for something outright then I would have to save until I could. Now 72 it has stood me in good stead. The only exception was a mortgage and although at times it was hard we managed by overpaying when we could to pay it off in 20 years rather than 25. Oh the relief that I no longer owed anybody anything was tremendous and still makes me feel good nearly 30 years later.

We paid off our mortgage a few years ago now - what a lovely feeling that was! We would perhaps consider taking out a retirement mortgage if we needed to move house or needed extra cash especially as rates are so low

I like the idea of being able to continue a mortgage past 60, in particular the freedom to remortgage if you are still working. When I last remortgaged I wasn't allowed a term past my 60th birthday despite having no intention of retiring that early. Having said that, I'd be very reluctant to take on new borrowing once I have retired, particularly having got used to being debt free.

We are close to paying off our mortgage but would like to move which would mean increasing it. It's a dilemma in these times and with our circumstances.

Having waited many years to pay off our mortgage the thought of taking out another has no appeal. I hope that I will have many years of being mortgage free and that when I die there will be some money left over for my children to pay a sum off of their mortgage.

I paid off the mortgage when we retired. We could have done with keeping the lump sum however it is a decision we have not regretted particularly during these uncertain times where our 'top up' income from post retirement part time work has completely stopped. I don't envy our children with their huge mortgages but they really have no other choice.

I can appreciate that some people will be glad of the opportunity to take out a new mortgage in their later years, due to their personal circumstances, so it’s reassuring to know that the option is there.

For me though, the day we paid off our mortgage was a red letter day, and it was a great feeling to know that there’d be more cash each month available for other things. I certainly wouldn’t choose to take on more financial commitments at this stage if I don’t have to.

Have recently become mortgage free and it is a lovely feeling. Wouldn't want to take out another mortgage at my time of life.

I would not want a mortgage now I have retired, it makes no sense to me. I would not want the worry of the bank owning part of my home.

I have had 1 mortgage in my life, having rented before that. We were able to settle the mortgage by moving from Kent to South West Wales, where property was cheaper. It was a great feeling!

I am currently in the process of remortgaging my house because I am getting a far better deal than my current mortgage. I was a bit worried about still paying into retirement but even on a pension its still affordable.

We still have a mortgage but thankfully it should be paid off well before our retirement. House prices seem so unaffordable to young first time buyers I can see that we may need to take out a further mortgage in retirement to give our children a helping hand onto the property ladder. Alternatively, we would consider a further mortgage in retirement to invest in another property as a holiday home for us and the family to use. I would not be too fearful about a mortgage in retirement if interest rates stay as low as they are now, but if they are set to rise following the recession, then it may become unaffordable. It is useful to know that there are companies out there who are offering the option of mortgages to retirees as the traditional lenders seem to shy away from anyone over 60!

I'm not really sure why someone would start a mortgage in retirement unless it's a re-mortgage. Being as we now have to work longer, retirement seems so far off but thankfully my mortgage is already paid off which means the pressure is off

Have just paid off my mortgage in the last year, and love the feeling of freedom.

However as I get a bit older, if I needed more money than anticipated (for example for repairs to the house), I would consider taking a small mortgage.

We do not have too long left until our mortgage is paid off. It will be lovely to be mortgage free. We would not want a mortgage when we retire. Thank you x

I didn't realise that there were Building societies that offered mortgages to the over 55s. Although now mortgage free myself I have a friend whose circumstances have changed and she is using her half of a divorce settlement to try and buy a small flat. She has welcomed being able to take out a small mortgage despite her age.

I'm too scared to take out a mortgage in later life, be worried about health issues getting in the way and not being able to fulfill the contract and leave us homeless etc., and wouldn't want to burden the children.

Have never had a mortgage but as a first time buyer I'll obviously need one at some point

I would not want a mortgage in retirement, it has been a relief to pay it off and I especially appreciated not having that concern during the lockdown recently

We took a lifetime mortgage (Equity release with Aviva) we had no intention of ever moving again. However be careful - life changes even if you don’t think it will. We now want to move closer to my family and although we were told we could port the mortgage with us in fact we were £20,000 short to be able to go to the property we wanted. It’s at a relatively high interest rate and carries a high early repayment charge. Luckily our advisor has found us a better product with someone else, much lower rate, better ERC etc. Over the course of our lifetime it will save our estate £68,000! Be sure you have absolutely all the facts laid out clearly before you take out any sort of mortgage in retirement.

I think Equity Release can be more tricky than a Building Society lifetime mortgage that my mum has. She actually pays the interest on her loan, but not any actual loan repayments, which is at a very low rate, monthly, and is affordable. I think with equity release you compound the interest until the property is sold? The lump sum can be paid off any time with no penalty with the BS mortgage.

almost paid off our mortgage, looking forward to having extra disposable income. when we 1st took out our mortgage as newly weds didnt have enough knowledge or correct advice. would do differently if go back in time. would consider a mortgage again if we had to change property due to health reasons and there was a shortfall in selling our home but would worry about paying it off later in life.