Hundreds of hundreds of pensioners are dealing with a “mortgage bombshell” over hovering rates of interest, it was warned.

Around 450,000 over 65s are nonetheless paying off the price of their houses into retirement, based on official figures.

Half of these have financial savings and investments of underneath £3,000 to depend on with some having nothing put aside in any respect.

Shadow work and pensions secretary Jonathan Ashworth stated: “Older people are at the sharp end of the Tory cost of living crisis due to soaring energy bills and out-of-control inflation.

“For 450,000 pensioners, the Tory mortgage bombshell risks being a further hammer blow to their life savings and living standards.”

Labour evaluation of presidency data discovered the variety of mortgaged pensioners with none financial savings has risen by a 3rd. 

In 2019-20, there have been round 50,000 older folks and not using a wet day fund however that rose to 70,000 two years later. 

Half of all pensioners with a mortgage had financial savings of £3,000 or much less in 2021-22, in comparison with 43 per cent in 2019-20.

Silver Voices director Dennis Reed stated older folks had been having to increase mortgages to deal with the price of dwelling disaster.

He added: “Lots of older people are asset rich and income poor and their incomes are fixed.

“These figures show the need to keep the triple lock in place because unless state pensions rise in line with inflation, people will struggle to make ends meet.”