Survey highlights shocking truth of UK’s finances
COVER - 1ST DECEMBER 2003
Alarming gaps in the nation’s finances were revealed in a recent survey by the Mortgage Advisers Association (MAA).
It revealed that 80% of the 10,000 survey respondents’ biggest financial concern was meeting mortgage repayments if they were to lose their jobs. Yet worryingly, more than half of all respondents said they would rely on State benefits if they were unable to find employment after redundancy.
Chief executive of the MAA, Philip Ambler, said: “Respondents are very aware of the risks of unemployment or long-term illness and yet they are still not making adequate provision either with savings or insurance.”
The Council of Mortgage Lenders (CML) says that less than a third of homebuyers have taken out mortgage payment protection insurance to cover their loans.
Deputy director general of the CML, Peter Williams, said: “One of the reasons people don’t take out mortgage payment protection insurance is that they believe they will receive sufficient money from the State.”
