Mortgage Protection Vital as one in six Struggle to Meet Payments
Mortgage Protection Vital as one in six Struggle to Meet Payments
According to a YouGov survey, over three million people are struggling to repay their mortgage, which means that one in six homeowners potentially faces losing their home as the financial crisis continues to hit the country hard.
Although repossession statistics show that the amount of people losing their homes is actually down, now 18% of homeowners fear they may not be able to repay their mortgage compared to just 10% last year. It is clear that people are struggling to meet repayments as prices for basic everyday items increase month on month. With many facing tough times, homeowners must make sure they have adequate mortgage protection plans in place in case the worst case scenario does happen and redundancy or an accident makes repaying the mortgage impossible.
Mortgage Protection Highly Important
Mortgage protection insurance is as important now as it has ever been; more so in fact. If homeowners are struggling to meet mortgage repayments whilst they are in full time employment, then if they lose their jobs it doesn't bear thinking about how they will get on. Income protection plans can protect the homeowner against such events and could be the difference between keeping or losing the home and managing to meet other expenses such as household bills.
Mortgage and protection consultants can help homeowners get the bestincome protection insurance deal by researching the whole of the market and suggesting policies which best suit their needs.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.