Majority of UK Mortgage Holders Admit to Lack of Cover

New research suggests that some 5.2 million UK mortgage holders are ill prepared for unexpected illness in terms of making mortgage payments.

According to the survey from mutual life insurance company Royal London some 52% of UK mortgage holders who earn an income don’t have a plan in place to cover repayments if they fall too ill to earn for three months or more.

The research also found that although 34% of those without a plan in place to cover repayments have thought about it, some 18%, or 1.8 million people, admitted they have not given it any thought.

Royal London also found evidence that many mortgage-holders who earn an income, haven’t considered how long they could cope financially if they became too ill to earn with 50% estimating it would be six months or less, and 26% not knowing how long they could cope.

‘Our research highlights how many UK mortgage holders are in a vulnerable position unsure how they’d cope financially and who they would turn to for financial advice. We urge mortgage holders who earn their income to consider how they would cope if they became too ill to earn,’ said a spokesperson for Royal London’s Intermediary Division.

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