Public Sector Workers Advised to Protect Mortgage Now
Public Sector Workers Advised to Protect Mortgage Now
With the Spending Review came the news that public sector job losses are at the forefront of money saving measures unveiled by the government. It is believed that around 490,000 public sector workers will lose their jobs in the coming years.
Wise words then frommortgage advisers who are warning those who work in the public sector to make sure they have adequate mortgage protection or redundancy insurance in place so if the worst does happen, they'll be able to keep up repayments on their mortgage and continue to enjoy the standard of living to which they've become accustomed.
Feeling the Redundancy Pinch
It doesn't take long after the last of the final salary payment has been used up to start feeling the pinch. Not only will mortgage repayments become a struggle to meet, other aspects of life become affected too. How would you get on without your gym membership? Your Sky TV or broadband? How will the inconvenience of cutting back to one car hit you? What about the holidays that you enjoy? And as for the food bills, nights out, kids' clothes and school trips, they will also bear the brunt of your predicament.
Income Protection can Avert Tough Times
However, all of this hardship can be avoided by taking out an adequate income protection orredundancy insurance policy which will pay out a proportion of your salary should you be made redundant. It will give you a chance to take your time to find alternative employment without having to worry about how you'll afford to pay the mortgage or run your home. You might even wish to spend the time during which the policy pays out starting up your own business like many do.
Speak to amortgage broker about yourincome protectionoptions now and get something in place before it is too late.