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Young homebuyers are being forced to gamble with their retirement prospects by taking on ultra-long mortgages, according to a former pensions minister.

Sir Steve Webb described data – supplied by the Financial Conduct Authority to the Bank of England – as “shocking”.

It suggests that more than one million new mortgages have been issued over the past three years with end dates beyond the state pension age.

The ex-Liberal Democrat MP, who is now a partner at the consultancy firm LCP, voiced fears that borrowers could be forced to raid their pension savings to clear their mortgage in a worst-case scenario.

Sir Steve saw the potential for harm in any case, as longer-term mortgages deprive people of a period running up to retirement when they could be mortgage-free and boosting their pension.

According to the Freedom of Information data requested, 42% of new mortgages in the fourth quarter of 2023 – or 91,394 – had terms going beyond the state pension age.

The figure stood at 38% in the same period a year earlier.

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In the final quarter of last year, people aged 30 to 39 accounted for 30,943 new mortgages lasting beyond state pension age, while people aged 40 to 49 accounted for 32,305.

Under-30s made up 3,676 of these mortgages.

People aged 50 to 59 accounted for 18,854, and there were 661 who were over 70.

Mortgage rates have been rising since the end of 2021 when the Bank of England began action to tackle rising inflation.

Taking home loans with longer maturity dates tends to be more attractive when interest rates are high, as monthly repayments are lower.

Steve Webb was pensions minister in the coalition Government
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Sir Steve Webb was pensions minister in the coalition government

Sir Steve said: “The huge number of mortgages which run past state pension age is shocking.

“The challenge of getting on the housing ladder is forcing large numbers of young homebuyers to gamble with their retirement prospects by taking on ultra-long mortgages.

“We already know that millions of people are not saving enough for their retirement and if some of that limited retirement saving has to be used to clear a mortgage balance at retirement they will be at even greater risk of poverty in old age.

“Serious questions need to be asked of mortgage lenders as to whether this lending is really in the borrower’s best interests.”

The FCA’s responsible lending rules require lenders to take account of future changes to income and expenditure, such as the borrower retiring, where this was expected to happen during the mortgage term.

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Emily Shepperd, the FCA’s chief operating officer, admitted in a speech to the Building Societies Association last week that lending into retirement was moving “from a niche to a norm”.

“Alongside longer terms we also see a greater proportion of mortgages projected to mature around state retirement age,” she said.

“The projected median age of a first-time buyer at maturity is now 65 years old, up from 56 in 2005.

“The proportion of mortgage customers over 67 is currently less than 2% of all loans. By 2040 this rises to 5%, and by 2050 it is almost 10%.”

She said that building societies recognise the need to consider different income and expenditure sources and needs, different lifestyle risks and different capacity to weather financial shocks, adding: “With borrowers projected to hold debt for longer, now is the time to ask yourself about the products and services you will provide to those borrowers to meet their needs responsibly and help them meet their financial goals – what will you need to do to support this growing population of customers and deliver good outcomes?

“Getting this right will of course benefit those individual customers, enabling them to meet their housing needs in later life, and move if that is their aim.

“It may also support first-time buyers with an increase in the supply of homes.”

Karina Hutchins, principal for mortgage policy at lenders’ body UK Finance, said: “The proportion of longer-term mortgages has been increasing in recent years as buyers to look for ways to stretch their affordability.

“When reviewing new mortgage applications, lenders will act within the responsible lending rules set by the Financial Conduct Authority and carefully consider whether the borrower will be able to afford their mortgage in the future.

“This will include whether the requested term would take the borrower beyond their anticipated retirement age.

“Where this is the case, it is common practice for lenders to request proof of pension. Those closer to retirement, usually within 10 years, may need to satisfy their lender that they can afford the mortgage based on their retirement income.

“Whilst longer mortgage terms can offer lower initial monthly repayments, the borrower will pay more in interest and have less disposable income to put into their pension if the mortgage runs for its full term.

“We would encourage customers to speak to an independent mortgage adviser to discuss the best options available for their specific circumstances,” she concluded.

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Migrant jailed after helping smuggle more than 3,000 others into Europe

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Migrant jailed after helping smuggle more than 3,000 others into Europe

An illegal immigrant who was involved in smuggling more than 3,000 others into Europe has been sentenced to 25 years in jail.

Egyptian national Ahmed Ramadan Mohamad Ebid, who arrived in the UK in a small boat in October 2022, worked with people smuggling networks in North Africa to bring hundreds of migrants at a time from Libya to Italy.

The National Crime Agency (NCA) believes the 42-year-old’s case is the first time someone has been convicted for organising migrant crossings of the Mediterranean from the UK.

Ahmed Ramadan Mohamad Ebid being arrested. Pic: NCA
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Ahmed Ramadan Mohamad Ebid being arrested by plain clothes officers. Pic: NCA

Ebid had a “significant managerial role within an organised crime group” and his “primary motivation was to make money out of human trafficking”, Judge Adam Hiddleston said.

He told Ebid the “conspiracy that you were a part of generated millions of pounds” and he must have been a “beneficiary” of “a significant amount”.

He said the “truly staggering” amount of money came from the “hard-earned savings of desperate individuals”, who were “ruthlessly and cynically exploited” by Ebid and the crime group.

Ahmed Ramadan Mohamad Ebid. Pic: NCA
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Ahmed Ramadan Mohamad Ebid. Pic: NCA

Details of the case emerged during a rare Newton hearing – a trial within a trial that takes place when the prosecution and defence disagree about facts of a case.

Ebid was living in Isleworth, west London, at the time of his arrest in June 2023.

He later admitted to being involved in enabling seven fishing boats to make the dangerous crossing to Europe, with a total of 3,781 migrants on board. He said he only played a minor role in the operation but a judge rejected this claim in March.

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Boat picture from the phone of people smuggler Ahmed Ramadan Mohamad Ebid Pic: NCA 
provided to TV who are covering this case
Boat picture from the phone of people smuggler Ahmed Ramadan Mohamad Ebid. Pic: NCA
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Pictures of small boats used for crossings were found on Ebid’s phone. Pics: NCA

Ebid, who had worked as a fisherman in the Mediterranean, helped two boats carrying hundreds of migrants cross the sea in a convoy just three weeks after he arrived in the UK.

Once the boats were in Italian waters, a satellite phone on board one vessel was used to call the Italian coastguard, who rescued everyone and brought them ashore.

A boat used by Egyptian national Ahmed Ramadan Mohamad Ebid for an illegal crossing on November 30, 2022.
Pic: PA/NCA
Image:
A boat used by Ebid for an illegal crossing. Pic: PA/NCA

Ebid’s mobile phone had been in contact with the satellite phone 34 times over two days, the prosecution told the Newton hearing.

He used the same method to help five more boats make the crossing in the next six months, it added.

Each migrant was charged an average of around £3,200, bringing the criminals involved more than £12m, the NCA said.

Investigators found pictures of boats, conversations about the possible purchase of vessels, videos of migrants making the journey and screenshots of money transfers on a phone seized from him.

In a conversation with an associate which was recorded via a listening device planted by NCA officers, Ebid said migrants were not to carry phones with them on boats, adding: “Tell them guys anyone caught with a phone will be killed, threw in the sea.”

Ebid was sentenced to 25 years after pleading guilty to conspiracy to assist unlawful immigration.

Tim Burton, specialist prosecutor for the Crown Prosecution Service, said Ebid “played a leading role” in an operation “which breached immigration laws and endangered lives, for his own and others’ financial gain”.

Jacque Beer, of the NCA, said: “Ebid was part of a crime network who preyed upon the desperation of migrants to ship them across the Mediterranean in death trap boats.

“The cruel nature of his business was demonstrated by the callous way he spoke of throwing migrants into the sea if they didn’t follow his rules.”

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Second man charged and appears in court over fires at properties and car linked to Sir Keir Starmer

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Second man charged and appears in court over fires at properties and car linked to Sir Keir Starmer

A second man has appeared in court charged in connection with a series of fires linked to Sir Keir Starmer.

Romanian national Stanislav Carpiuc was remanded in custody after a hearing at Westminster Magistrates’ Court on Tuesday accused of arson with intent to endanger life.

He has been charged with conspiring with Roman Lavrynovych, 21, and others unknown to “damage by fire property belonging to another, intending to damage the property, and intending to endanger the life of another or being reckless as to whether the life of another would thereby be endangered”.

The 26-year-old, from Romford, east London, was arrested by counter-terrorism officers at Luton Airport on Saturday as he tried to travel to Romania, the court heard.

With the help of a Russian interpreter, Carpiuc, who was born in Ukraine, spoke only to confirm his identity in a short hearing.

The charge relates to three fires.

Two of the fires took place in Kentish Town, north London. One occurred during the early hours of 12 May at the home where Sir Keir lived before he became prime minister and moved into Downing Street.

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A car was set alight in the same street four days earlier on 8 May.

The other fire took place on 11 May at the front door of a house converted into flats in Islington.

A forensics officer is seen in Kentish Town, north London. Police are investigating a fire at Sir Keir Starmer's house in north London. Picture date: Monday May 12, 2025.
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A forensics officer outside the house in Kentish Town. Pic: PA

Keir Starmer's house in Kentish Town.
Pic: PA
Image:
Pic: PA

Prosecutor Sarah Przybylska said: “At this stage, the alleged offending is unexplained.”

The court heard Carpiuc gave a no comment interview to police.

Defending, Jay Nutkins said his client has lived in the UK for nine years and is currently waiting for his degree results having studied business at Canterbury Christ Church University in Kent.

He denies being present at the scene of any of the fires, the court was told.

Carpiuc, who was supported by his father in court, was said to work in construction.

He will next appear at the Old Bailey on 6 June.

Lavrynovych, a Ukrainian national from Sydenham in southeast London, has already been charged with three counts of arson with intent to endanger life in connection with the fires.

He denied the charges in a police interview.

Lavrynovych appeared at Westminster Magistrates’ Court last Friday and was remanded in custody until a further hearing at the Old Bailey also scheduled for 6 June.

A third man, aged 34, was arrested in Chelsea in southwest London on Monday on suspicion of arson.

He remains in custody, the Metropolitan Police said.

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Tommy Robinson due to be released from prison in days after sentence reduced

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Tommy Robinson due to be released from prison in days after sentence reduced

Tommy Robinson is due to be released from prison in days after his sentence for the civil offence of contempt of court was reduced by four months at the High Court.

The far-right political activist, whose real name is Stephen Yaxley-Lennon, was jailed for 18 months in October last year after admitting breaching a 2021 High Court order banning him from repeating false allegations against a Syrian refugee who successfully sued him for libel.

The sentence was made up of a 14-month “punitive” element and a four-month “coercive” element, with sentencing judge Mr Justice Johnson telling Robinson he could have the latter taken off his sentence if he were to “purge” his contempt by taking steps to comply with the injunction.

Robinson applied to purge his contempt at a hearing on Tuesday, with his lawyers telling the court he had shown “commitment” to comply with the order.

Lawyers for the Solicitor General agreed Robinson had taken steps to adhere to the injunction.

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In a ruling, Mr Justice Johnson said while there was an “absence of contrition or remorse” from Robinson, he had shown a “change in attitude” since he was sentenced.

He said: “He [Robinson] has given an assurance that he will comply with the injunction in the future, that he has no intention of breaching it again, and that he is aware of the consequences of what would happen if he breached the injunction again.”

He continued: “I consider it appropriate to grant the application.”

He added: “The practical effect, subject to confirmation by the prison authorities, is that the defendant will be released once he has completed the punitive element, which I understand will be within the next week.”

Robinson was originally due to be released on 26 July.

After he was jailed, Robinson lost a bid to bring a legal challenge against the Ministry of Justice over his segregation from other prisoners in March.

He then lost a legal challenge to his sentence at the Court of Appeal in April, but three senior judges said he could “still reduce the period he has to spend in custody by taking the steps identified” by Mr Justice Johnson.

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