48% of first time buyers are six months away from losing their homes, so Post Office research reveals.
If they lost their normal source of income, just under 50% of new homeowners could meet their mortgage repayments .
This is of course made worse by increasing deposits as well as household bills, which mean first time buyers are left with little pocket money for that rainy day or in order to pay for insurance policies .
The average first time buyer deposit is £11,710, with a third of household running costs higher than expected.
Despite these costs, 45% of first time buyers have no protection against loss of income from sickness, accident or unemployment, figures from the Post Office show.
The expense of such policies, on top of a tight household budget, is the main reason first-time buyers avoid insurance.
44% of those without income or payment protection insurance think it is too expensive, while close to a third do not think they need it.
20% of first time buyers rely on friends and family to keep them going, with one in 20 stating they would sell up if they lost their job .
However, this clearly does not need to be the case, with income and payment protection insurance quickly and easily available .
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Many First Time Buyers About to Lose Homes
Mon, 21 Aug 2006
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