Warning on loan extensions over age 70

Struggling mortgage holders have been warned against extending their loans into old age following revelations that banks are doing deals with customers to make repayments into their 70s.

Support groups for the elderly and mortgage holders both warned yesterday against homeowners taking on huge amounts of debt beyond retirement age.

The Department of Finance this week said that the most popular restructuring method for one in three mortgage holders was paying back the full amount over a longer period.