Half of homeowners worried about mortgage payments: MetLife

A study by MetLife indicates that 48% of homeowners in the UK are worried about their ability to pay mortgage payments.

On top of that, research shows that 42% of the 2,000 owners surveyed by the company say they have no savings to use if they lose income.

Young people with mortgages appear to be better prepared: their survey finds that 61% of the 18-24 age bracket say they have enough savings for two months of payments and 47% of those aged 24-38 could pay 3.7 months. mortgage payments.

According to the results, the two biggest barriers preventing people from buying a mortgage protection plan are that it is too expensive, with 32% of those who don’t yet have a plan and 29% saying they can’t. just can’t afford it.

MetLife UK chief executive Dominic Grinstead said: “Understandably, UK households are worried about rising costs. Although our results show that some have savings they can use to fund mortgage payments, this sounds like a band-aid approach.

“People need to think about how they might cover their biggest long-term monthly expenses, should their circumstances change. There are steps that can be taken beyond tapping into savings that will protect homes and families.

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