Hefty Mortgages Eating Into Pension Savings, FCA Says
Law360, London (February 6, 2019, 5:34 PM GMT) -- Workers are neglecting their pensions as they focus on paying off expensive mortgages later in life, the head of the Financial Conduct Authority told lawmakers on Wednesday, underscoring the cost of the U.K.'s housing crisis.
Inflated property prices in Britain are forcing people to buy property later in life — if at all — and tying them into hefty repayment schemes that reduce the money they have available to support themselves in retirement.
"The average age of people taking a mortgage in this country is getting older, and second, the average length of mortgages is getting longer," FCA Chief Executive Andrew...
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