According to research by the Post Office, 20% of people with mortgages would rather rely on family and friends to make their mortgage payments if they lost their job.
These people would rather burden family and friends than take out insurance that would make the mortgage payments in the event of job loss.
The survey also revealed that only half of first time buyers could afford their mortgage payments for six months, if they lost their job.
Our view
We wonder if the families of the 20% are aware they would be called on in the event of job loss! Seriously though, we would question that such a high number of first time buyers could afford their mortgage payments for six months.
In fact, recent research from Prudential found that mover a third of the UK population only had enough money for 30 days, should they lose their job.