Up to one in 10 of over-55s homeowners across the UK are still paying interest-only mortgages, with some facing the prospect of not being able to clear their debt when the deal runs out.

The conclusions come from new research from Homewise, which specialises in home purchase options for the over 60s.

Its independent research among over-55s paying mortgages found that 10% of the 1.4 million over-55s homeowners who are still paying mortgages – the equivalent of 143,500 households – have interest-only loans; and while the majority are confident of clearing the debt, substantial numbers fear they will not be able to.

The study shows 17% of interest-only borrowers aged 55-plus – equivalent to 24,300 – say they will be unable to clear the debt. The average amount owed by over-55s with interest-only mortgages is around £91,000 with one in seven owing more than £150,000.

The bigger picture shows that the UK has a large number of people of all ages paying interest only loans, but that this number is reducing. Council of Mortgage Lenders estimates that at the end of 2015 there were around 1.7 million pure interest-only mortgages outstanding, with another 500,000 part repayment and part interest-only loans.

That represents a major success by mortgage lenders and the Financial Conduct Authority which has campaigned since 2012 to help borrowers focus on repaying loans – the number of outstanding interest-only loans has been cut from 3.2 million in three years.

Homewise is urging over-55s homeowners facing interest-only issues to start planning ahead. Mark Neal, Managing Director at Homewise, said: “The mortgage industry has made massive strides in tackling the interest-only issue and has helped borrowers to take action.

“The good news from our research is that the majority of over-55s who have interest-only loans have plans in place to ensure they can pay off the capital but there are still substantial numbers who do not appear to know what they will do.”

If paying down your mortgage is taking longer than expected, or if you are contemplating moving to a lifetime mortgage to release capital or take pressure off your other borrowings, you need the hard facts to help you make an informed decisions about your future finances – giving you time to make adjustments to your plans if necessary.

The good news is, the new Premium version of the RetireEasy LifePlan, being launched soon, has a lifetime mortgage tool which allows you to see at a glance and compare the long-term impact of all your available possibilities. Look out for information winging its way to you shorty of how to move over to the new service.