Almost nine in 10 (87%) of mortgage owners over the age of 55 have said that their mental health has suffered as a result of the cost of living crisis, Key has revealed.

Research by the later life finance firm found that some of those mortgage owners aged 55 and over have sought professional medical help for their mental health, as they grapple with potentially unaffordable increases in their mortgages payments, while trying to save some money for retirement.

Two thirds (66%) of those polled by Key expressed worry that mortgage repayments would hit their standard of living in retirement, while 23% are worried the cost of living will make it difficult to clear their mortgage, and 20% are worried they will not be able to keep up repayments.

The research revealed that for over-55s in general, including those who own homes outright, their mental health has suffered during the cost of living crisis, with 65% stating that it has had some impact on them.

A further 15% said it has had a "severe impact", while 7% stated they were seeking or considering professional medical support.

Two in five (40%) said they are concerned they won’t have enough retirement income, while 36% are stressed that they are spending down savings.

Furthermore, over a quarter (27%) added that they feel like failures because they cannot help out family, with 23% worrying they are getting into debt with credit cards and loans.

Managing director at Key, Chris Bibby, said: "It is concerning that so many over-55s with mortgages are seeing their mental health suffer, and even having to seek professional medical help and counselling to cope.

"The prospect of having to pay for major increases in their monthly mortgage payment while other bills are going up is a huge issue, which can make saving for retirement even harder. And it’s not just those with mortgages who are worried.

"There is a real need for strong solutions for older customers, and the later life lending market is evolving rapidly to meet demand. Over-55s should seek specialist advice on the growing number of product options available to them, which could provide a better outcome than those offered by high street lenders."

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