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paying off the mortgage was a great achievement and feeling of relief. I would consider a mortgage to buy an investment property however I think it would be very difficult to get a mortgage with the small income I receive

I have had three mortgages in total, the first in the seventies when the mortgage rate was round about 15%. When I finished my last mortgage it was a great feeling to be free of the monthly payments and to know that my property was all mine. No more mortgages for me, not on my pension!

Mine is paid off thank goodness. I would hate to take out another one but sometimes wonder about equity release but so far haven’t needed to seriously consider this. I feel very fortunate to be in this position.

Both retired. We moved 3 and a half years ago, borrowed a small amount on a 7 year mortgage, 5 years fixed at low interest. Previous mortgage was paid off in full. The purpose of the new short term mortgage was to enable us to do the work we needed to in order to make the house to our taste. Have overpaid 10% each year which is all we are allowed to and mortgage should be cleared just after the fixed period ends.

I'm glad we took it out but will also be glad when we don't have to make the monthly payments. Good to hear of building societies that are prepared to lend to older people as we struggled to find one that would lend at our age.

We paid our mortgage off at the earliest opportunity and it left us with more income for enjoying travelling and some luxuries in life. I would only ever want a mortgage in later life if the only alternative was to be paying rent. With a mortgage I would feel there was some build-up of assets. But I much prefer being mortgage free.

We tooK a mortgage out in 1981 at 16%. We paid it off a few year ago and are very happy knowing that out overheads are more manageable now we are pensioners.

Paying off my mortgage was the best feeling in the world, being totally debt free and knowing I had a roof above my head that was mine is the best security ever!

I had a mortgage with my ex husband which I paid off using the money I inherited after my parents died and their house was sold. We had an endowment but it didn't create any profit and was nowhere near enough to pay off the mortgage and in fact we barely got the contributions back. When he left me and divorced me I had to then pay him half of the new valuation of the house, which was far more than when we bought it, so I had to sell it and have rented ever since as I'm too ill to work and get a mortgage.

I have never had a mortgage. The house prices in London are too high.

I bought a small property upon selling my own house to move into my husbands home., which I rent out. It is a nice little extra income. Recently I have been looking into buy to let mortgages for retirees and I am pleased that more and more companies like Marsden are considering older folk. And it also happens to be my fathers first name !!!!

currently in the process of moving - mortgage should complet a few years before retirement as we have shortened the term .

I agree Zanhie otherwise it’s pure ageism. Many older people have a secure income and are better off financially than when young with a family.

I think it's right to take into account individual circumstances not just age. I'm in a better position to pay a mortgage now than ever but some lenders won't even consider it.

We still have quite a way to go til we pay off our mortgage but it is something we are keen to do. Having no mortgage would be the ideal as we'd like our living costs to lower as we get older to put less pressure on the income we need.

However, you never can tell what the future holds so it is good that there are some options for those who need or want them as we get older.

I'd consider a small mortgage to buy a holiday let, to add to retirement income.

I used to have a mortgage, and was always worried about missing a payment, or not having money for maintanence. Renting makes more sense for me now I'm retired, as I am no longer required to fix the house or outbuildings.

We recently paid off our offset mortgage. I'm proud that we paid it off. It feels good to be mortgage-free so I wouldn't want to start another one.

We paid of our mortgage a few years ago now and have been saving what we would have paid into an account.. Would certainly consider a repayment mortgage on interest-only if we needed it. Glad that there are now schemes for over-60s.

My late parents took on a mortgage in 1977 when 49 and 54. My father had retired from the police, and we had lived in 2 houses belonging to the police until then.

He worked another 16 years, then volunteered as a guide at a military museum for 5 years after that.

They were old school and far less feckless with money than some people today are.

Its good they're thinking of older age bracket too, but what happens to the debt if they die? Is it left for family to pay off like a weight around their necks, at a time when they may also have to find funeral costs?

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.

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.

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 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