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250,000 people over 50 say they can only pay off the mortgage by selling their home

Research suggests more than a million over 50s will face shortfall when it comes to paying off their interest only mortgage

Underperforming endowments have left many people aged over 50 with interest-only mortgages facing an average shortfall of £49,000, according to The Saga Equity Release Advice Service.

Half of the 8,000 over-50s interviewed by Saga say they have not moved home for more than 20 years but a quarter add that they will have to sell their home to make up for the shortfall from their endowment policy.

One in 13 of those facing a shortfall have bought themselves some extra time by extending their mortgage, while a third plan to dip into their savings to pay off their mortgage. Around one in ten don't know what they will do to pay the outstanding balance on their home."