Homeowners ill-prepared for redundancy

Published on

70% of homeowners would be able to survive for up to three months should they be made redundant, according to new research from Property Portfolio Rescue (PPR).

The research reveals that almost three quarters of homeowners are not worried about losing their home if they are made redundant. However, only 27% of people have any financial plan or insurance in place and a worrying 69% believe they could only survive financially for a maximum of three months without a job, despite several advice groups such as Which? suggesting a savings buffer of at least three months’ salary is built up as a contingency plan.

A further 15% claim to be able to survive for less than six months should they fail to find new work straight away.

Younger homeowners would be the worst affected, with 79% of 25-30 year olds only able to keep afloat financially for less than three months should they lose their jobs, compared to 62% of 46-50 year olds.

29% of home owning couples admitted they would be unable to cover the mortgage and household bills at all should one of them be made redundant. However, 63% do have access to some form of savings and 43% to support from a partner.

Nick Hopkinson, director of Property Portfolio Rescue (PPR), said: “It’s shocking to think that

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

The Right Mortgage launches ‘Opportunity Insights’ podcast series

The Right Mortgage & Protection Network has unveiled a new podcast series aimed at...

Fleet Mortgages adds new products alongside rate and fee cuts

Fleet Mortgages has announced a raft of changes to its fixed-rate buy-to-let range, including...

Foundation Home Loans adds larger loans and 80% LTV options to Specials range

Foundation Home Loans has overhauled its buy-to-let Specials range, raising loan limits, introducing new...

RAW Capital Partners refinances London property to help borrower exit receivership

RAW Capital Partners has completed a buy-to-let mortgage for an international client to enable...

The Dudley unveils refreshed mortgage range from 5.70%

Dudley Building Society has launched a new set of mortgage products across residential, expat,...

Latest publication

Latest opinions

Take off the rose-tinted glasses and stop chasing a rate cut

Every six weeks the financial world raises its eyebrows at the prospect of a...

Job cuts to inflation shock: preparing for a mortgage arrears crisis

The latest data on jobs paints a picture of a rapidly weakening labour market. The...

URGENT! AI Is coming for you. Or maybe not…

I’ll try to make this as straight to the point as I can. The...

Mind the gap: Can mortgage advice change the game for protection?

Many industry insiders still talk about the UK protection gap and how vast it...

Other news

The Right Mortgage launches ‘Opportunity Insights’ podcast series

The Right Mortgage & Protection Network has unveiled a new podcast series aimed at...

Fleet Mortgages adds new products alongside rate and fee cuts

Fleet Mortgages has announced a raft of changes to its fixed-rate buy-to-let range, including...

Foundation Home Loans adds larger loans and 80% LTV options to Specials range

Foundation Home Loans has overhauled its buy-to-let Specials range, raising loan limits, introducing new...