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Mortgage article 23:Sharp Fall in Arrears and Possessions - and More Work Under Way to Improve the Safety Net for Home-Owners; page 2

However, among these only 
payment protection insurance protects against unemployment - so more than two thirds of borrowers 
are still choosing not to insure against this risk. Why is this? According to the research, 
it may be because people believe they have sufficient savings to tide them over. 42% of mortgage 
holders said they would use savings to pay their mortgage if they had no income for three months.

The good news is that younger borrowers, who may well be more financially stretched and more 
vulnerable to loss of income through unemployment, are more likely than older households to 
have mortgage payment protection insurance. While 40% of those aged 25-34 said they had this 
insurance, the figure dropped to 30% among the 35-44 age group and 28% among those aged 45-54. 
This is encouraging, as younger borrowers are potentially more likely to need insurance to 
tide them through a period of difficulty. Older home-owners are more likely to have built 
up a personal 'safety net' of equity and savings, and are less likely to have high mortgages 
relative to their income than their younger counterparts. Next page

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