The British did not want to insure their mortgage loans

More than half of all mortgage borrowers in the UK do not insure their mortgaged property. About 60% of people rely on their own savings in case of disability. Meanwhile, the size of these savings is not more than £10000 . The least protected in this sense, London. 775000 more homes in London at risk in the absence of insurance.

A report on the insurance market risks of mortgage loans has published an English company Friends Life.

Oddly enough, but the largest investment in a person’s life – the purchase of real estate – often unprotected from accidental trouble or sudden events.

In the whole of the UK, around 6 million homes do not have insurance.

Insurance companies offer insurance products of different range. Life insurance, insurance against sudden illness or the insurance of their income – this is only a small expenditure once in a year, but in the case of unfavourable moment, the insurance company will reimburse the mortgage obligations of the debtor .

Meanwhile, a statistical study shows that only owners 38% taken out a mortgage in the UK have life insurance. Even fewer people are insured in case of illness – 14%, and bought insurance in case of job loss – only 7% of homeowners in the UK who received a mortgage loan.

In London, statistics on the insurance even worse than in other UK cities. Only 34% of people who received mortgage loans, was insured by at least one of the existing methods. It was the Londoners bear the greatest financial risk in the contract of mortgage lending. Average property price in London has reached £445000 pounds. This is a huge investment and a tremendous asset. But, despite this, many buyers in London are ignoring the insurance company, jeopardizing, at times, its biggest asset in life.

According to the same report, residents of Northern Ireland were more responsible in the protection of their investments in real estate. Among them is twice more than in the whole of the UK, people insure themselves at least one way that offer the insurance company.

® Maxim Savitsky G. 07.07.2014

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