Nearly half (45%) of mortgaged homeowners under the age of 40 got onto the property ladder ‘much later’ than they expected, compared with 29% of over-40s, according to new research by the Equity Release Council, which highlights the British public’s changing relationship with bricks and mortar.

A study of 5,000 UK adults’ financial experiences also revealed that 43% of mortgaged homeowners under the age of 40 relied on financial help from family or friends to buy their first home. In comparison, just 23% of those aged 40+ relied on similar support to get onto the property ladder.

The rise of ‘delayed homeownership’ means having a mortgage in later life is likely to become more usual for consumers. Nearly one in three (32%) homeowners with a mortgage are unsure if they will become ‘mortgage free’ before they retire or have already ruled it out. One in five (20%) feel the idea of retiring ‘mortgage free’ is unrealistic.

Instead, the research highlights attitudes to secured debt in retirement are changing, as nearly one in four mortgaged homeowners (24%) say they don’t mind if they are still paying off their loan in later life.