Nearly half of homeowners under 40 got onto the property ladder “much later” than they expected, according to new research by the Equity Release Council, which it says highlights a more relaxed attitude to later life debt.

The trade body says 45% of young homeowners with a mortgage delayed buying their first property, compared with 29% of homeowners over 40.

It adds that 43% of mortgaged homeowners under 40 relied on financial help from family or friends to buy their first home. By comparison, just 23% of those over 40 relied on similar support to get onto the property ladder.

The association says: “The rise of ‘delayed homeownership’ means having a mortgage in later life is likely to become more usual for consumers.”

It adds that 32% of homeowners with a mortgage are unsure if they will become ‘mortgage free’ before they retire, or have already ruled it out. While 20% feel the idea of retiring ‘mortgage free’ is unrealistic.

Its survey shows that 24% of mortgaged homeowners say they don’t mind if they are still paying off their loan in later life. And 47% believe their generation’s attitude to debt in later life is more accepting than their parents’, with 52% of those aged 25 to 34 most likely to feel this way.

The data highlights that 70% of mortgaged homeowners feel comfortable with their current level of mortgage debt, rising to three in four of those aged over 50.

It reports that many homeowners feel taking out a mortgage in later life can benefit them – 32% see it as a way to provide money to improve their lifestyles, while 31% see it as a way to access funds to help out family members.

The survey also finds that one in three mortgaged homeowners feel financial services providers are getting better at offering mortgages to people in retirement.

However, the need for clear information is apparent as 36% say they are confused about what mortgages are available to people in later life. The research suggests confusion is highest among the under-40s, where 42% of those asked felt this.

Equity Release Council chief executive Jim Boyd says: “The realities of delayed homeownership are prompting people to reassess their attitudes to secured debt in later life.

“There are clear signs that paying a mortgage in retirement is no longer a taboo – for many people, it can make the difference between financial hardship and enjoying a more comfortable lifestyle while also supporting family members.

“The ability to use property wealth to improve your retirement experience is a choice many homeowners have earned through years of paying a mortgage and building an asset.

“Our findings suggest later life lending products are likely to be even more important for future generations of retired homeowners than they are today.”

The survey was conducted by data group Censuswide among 5,000 nationally representative UK adults in May.