Mortgage payments mean people are not able to save for their retirement, according to a new survey by Yorkshire Bank.The bank found that 52 per cent of mortgage holders are afraid of a poor retirement, as mortgage payments prevent them from investing money for their future. Almost two in three (60 per cent) mortgage holders believe they will be working into their 70s save a enough for their retirement.

And one person in four (24 per cent) has no financial plans for their retirement at all.”Our research also shows that house price growth in recent years has resulted in many homeowners finding their mortgage commitment is leaving them with insufficient income to invest for their future,” said Gary Lumby, Yorkshire Bank’s head of personal financial services.”Affording to move up the property ladder has homeowners taking out loans that will see them repaying them up to, and in some cases beyond, retirement age, leaving them with little time to ramp up the money they can afford to plough into funding their retirement.”This problem has been made worse by the number of homeowners who do not have the time to make their finances run more smoothly.