Mortgage repayments 'of utmost importance'

Date:Tuesday 27th October 2009
Author: Susanna Kavka

People should make mortgage repayments the most important bill in their monthly budget, according to an industry insider.

Barney McCarthy, editor of Your Mortgage, made his comments following research by LV=, which indicated that people are more worried about being burgled than they are about losing their jobs and being unable to afford their mortgage repayments.

He applauded consumers for being conscious of security issues, but stressed that this should never get in the way of people paying their mortgage bill.

"Making your monthly mortgage repayment should be the highest priority on your budget. Having said that, insurance is important," he explained.

Mr McCarthy pointed out that having insurance on a mortgage can be useful if people lose their jobs, so no one should be looking to "skimp" even during the current economic climate.

The survey by LV= showed that 65 per cent of homeowners see burglary as the main threat to their home compared with 49 per cent who are most worried about not being able to afford their mortgage repayments.