Wednesday, August 23, 2006

First time buyers over-stretched

Are stretched first-time buyers misskimping?

Nearly half of first time buyers would only be able to meet their mortgage repayments for six months if they lost their regular income tomorrow....One in 20 admit they would have to sell their house in this event.

Posted by tinecu @ 02:39 PM (606 views)
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4 thoughts on “First time buyers over-stretched

  • This isn’t really a surprise is it?

    I’m quite sure that they wouldn’t get home insurance if they didn’t have to.

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  • Paul,
    I think its mortgage payment protection that the article is discussing.

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  • Yes, I know. Most people would consider it cutting corners not getting payment protection. My point is that faced with a choice I’m sure most FTB’s would rather not get hhouse insurance too.

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  • I have the sort of job which is not available in every location, so when I was made redundant I had to sell the house to move to a new location for a new job. I would think that this must be a common situation. Payment Protection Insurance would not have helped. The providers of this type of insurance are playing on the emotional fear of “losing your home”. Put the premiums in the bank instead, and the money is there for all sorts of contingencies including the many reasons for loosing your job which PPI doesn’t cover. And you avoid all the overheads of the insurance companies staff, dividends, buildings, call centres, advertising and insurance premium tax.

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