Over half of homeowners who are at least two months in arrears with their mortgage are over the age of 50, research shows.
According to research by MPowered Mortgages, following a Freedom of Information (FOI) request to the Financial Conduct Authority (FCA) on arrears and age brackets, around 115,569 borrowers have missed at least two mortgage payments.
Within that, around 58,810 are over 50 years old, equivalent to around 50.8% of homeowners who have missed mortgage payments.
The research also found that 21,506 homeowners aged 51-56 were at least two months in arrears, which was the highest of any age bracket.
Borrowers aged 61-65 had the highest proportion of those in two months or more of arrears, with 2.4% of borrowers in this group falling into arrears.
This was followed by those aged 66-70 at 2.35%, while it was 1.87% for the 56-60 bracket.
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Stuart Cheetham, CEO of MPowered Mortgages, said: “These figures highlight the significant financial pressure that older borrowers are facing, particularly those nearing or in retirement.
“With over 50,000 homeowners aged 50 and above falling behind on their mortgage payments, it’s clear that the combination of higher mortgage rates and the exorbitant cost of living is taking a heavy toll.
“The fact that the highest percentage of borrowers in arrears is among 61-65-year-olds underscores the challenges faced by those whose incomes are decreasing just as their mortgage rates are increasing.”
He added: “Older borrowers often have less consistent earnings, relying more on pension income, which makes them more vulnerable to falling behind on their mortgage payments.
“Also, many of these borrowers are ‘mortgage prisoners’, unable to switch to more competitive rates and are instead stuck paying higher interest on standard variable rates (SVRs).”
