'Trapped' tenants over 40 face paying mortgage in old age

More than a quarter of those who feel "trapped" in the rental sector are aged over 40 and risk the burden of paying off a mortgage well into retirement, according to research released today.

Figures show that so-called "trapped renters" – those who want to buy but cannot afford to, not least because of high rents – make up 55 per cent of tenants and that 27 per cent of their number would become "OAP mortgagees", should they manage to buy a property.

"With the spiralling cost of private rental I have no idea where I will move with my children next. I feel that by now I shouldn't be having these issues, but without a lottery win can't even imagine how someone of my age could possibly get on the housing ladder," said 45-year-old Donna Taylor from Birmingham, who has never owned a house and is living in student accommodation, having just been awarded a first-class degree.

Ms Taylor, who is pursuing a place on a postgraduate course and has three children – two of whom live at home – said she fears she has "well and truly missed the boat". She said: "As my children grew up I worked part-time menial jobs to keep the household ticking over. Now divorced, I find myself struggling to find accommodation that is affordable and in a half decent area.

"All of my life I've lived on council estates and I would really like the chance to break that cycle. It's incredibly depressing to get to my age and realise that you own nothing except a hefty student debt." Ms Taylor's story, according to the figures, is not uncommon. The survey, from property website Rightmove, shows that the over-40s looking to buy now face either trying to pay off their mortgage in a shorter time or becoming an "OAP mortgagee" later in life.

In addition, 39 per cent of those who feel trapped in the rental system expect to still be renting in three years, a rise from 32 per cent a year ago, the figures, from a sample of 4,430 people, showed.

Martin Shipside, Rightmove director, said: "More than half of those in rented accommodation would like to buy but can't make the sums add up and as a result are trapped.

"The global economic woes that have left first-time buyer numbers at record lows will shatter the goals and aspirations of many as they face the reality of renting for far longer than they originally planned.

The figures also showed that more than half of tenants expect their rents to rise in the next year, due to the shortage of supply.

An earlier survey, published in The Independent, revealed that average rental costs are at their highest level on record and now account for more than half the UK's average household net income.

Mortgage lenders have been lowering their rates as the Bank of England's base rate remains at a historic 0.5 per cent low, but those who want to get on the property ladder face difficulties such as job insecurity and raising a deposit.

55 per cent of tenants would like to buy a home but cannot afford to

Suggested Topics
peopleFrankie Boyle responds to referendum result in characteristically offensive style
Life and Style
Couples have been having sex less in 2014, according to a new survey
New Articles
i100... with this review
Have you tried new the Independent Digital Edition apps?
ebooksAn unforgettable anthology of contemporary reportage
Holly's review of Peterborough's Pizza Express quickly went viral on social media
footballTim Sherwood: This might be th match to wake up Manchester City
Arts and Entertainment
musicHow female vocalists are now writing their own hits
New Articles
Arts and Entertainment
musicBiographer Hunter Davies has collected nearly a hundred original manuscripts
Blahnik says: 'I think I understand the English more than they do themselves'
Arts and Entertainment
Michelle Dockery as Lady Mary Crawley in Downton Abbey
TVInside Downton Abbey series 5
Life and Style
The term 'normcore' was given the oxygen of publicity by New York magazine during the autumn/winter shows in Paris in February
fashionWhen is a trend a non-trend? When it's Normcore, since you ask
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Marketing Manager - Leicestershire - £35,000

£30000 - £35000 per annum: Ashdown Group: Marketing Manager (CIM, B2B, MS Offi...

Marketing Executive (B2B and B2C) - Rugby, Warwickshire

£22000 - £25000 per annum: Ashdown Group: A highly successful organisation wit...

SEN Coordinator + Teacher (SENCO)

£1 per day: Randstad Education Leeds: Job Purpose To work closely with the he...

Research Manager - Quantitative/Qualitative

£32000 - £42000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam