Know your mortgage repayment options
A new investigation has found that many people in the UK are living with a false sense of protection and believed that government would help them in their mortgage repayment if they became unemployed.
London (adverse-credit-first-time-buyer) June 28, 2006: According to a new revelation, most of the people in the UK are living with wrong sense of security and they are under the impression that government would assist them by paying off their mortgage if they are unemployed. Ian Noble, head of the strategic partnership at Lincoln Financial Group, said that millions of people are living with this false impression. Figures from Lincoln reveals that 3.85 million UK residents think that mortgage relief still exists and they are unaware that it has been already called off eleven years ago.
According to the group’s study, more than three million people in the country are unaware of the fact about who would provide their mortgage repayment in case they lose their jobs.Mr.Noble mentioned that the government was not going to pay for their mortgage if they lost their job because there was no other mortgage protection plan. He illustrated the example of mortgage repossessions which was 57 percent higher than last year’s first quarter, he added that the house prices are rising at such a pace and rate of interest is bound to rise, people should ensure that their families and homes are protected. Consumers should know that there are numbers of insurance policies available that can take care of mortgage payments in the case of unemployment.
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