LV= claims younger generation is more prudent with mortgages

Date:Wednesday 19th August 2009
Author: Max Freedman

Mortgage payment protection is more popular amongst younger people than other generations, according to LV=.

Research from LV= indicated that 43 per cent of under 35s take out mortgage payment protection, when the average figure across all age groups is 37 per cent.

Chris McFarlane, head of protection at the financial services provider, found it encouraging to see that young people are aware of the need for prudence when taking out mortgage deals.

"Protecting a breadwinner's loss of income over the long term now, rather than reacting only when the worst happens, would make just a modest impact on most people's finances," he said.

The organisation also found that 74 per cent of under 35s cannot imagine never owning house, despite the turmoil in the housing market.

Previous research by LV= found that people in the UK would drop their spending on weddings this year by £178 million due to the recession.