Thirteen percent of those polled aged 42 and 58 firmly believe they wouldn’t pay off their mortgage before they reach the State Pension age of 67. And a further 14% are unsure if they could.

The research from retirement specialist Just Group also highlights a sharp divide between those who live in London and those in the rest of the UK. It shows the impact that paying higher house prices can make to mortgage repayment expectations.

Double the number of Gen X (26%) London residents with a mortgage said they didn’t expect to repay their mortgage before 67 compared to the national average of 13%.

The growing cost of borrowing appears to be contributing to these repayment fears. Nearly half (45%) of Gen X who have a mortgage said that it was taking them longer to pay it off than they had hoped.

When asked why, the most common reason (34%) was that they had needed to extend the mortgage term to reduce monthly payments.

A further third (32%) said that they had to extend the term to pay for home improvements, and more than a fifth (23%) said it was because they extended the term due to increased interest payments.

Just Group communications director Stephen Lowe said: “About three-quarters of the Gen X cohort own their own homes but many are struggling to clear their mortgage within the expected time frame. This group find their finances stretched and are faced with the unenviable choice of either clearing the mortgage or saving for a pension.

“People’s budgets are being squeezed as they juggle competing pressures. As a result, we are seeing growing anxiety among this demographic that many will approach retirement still carrying the burden of making their mortgage repayments.”