Dan Brumhead, affinity partnership & distribution – relationship manager at Beagle Street, takes a look at some of the factors behind the financial risk for mortgage holders without life insurance across the UK, also known as the mortgage gap.
Amidst the myriad challenges faced globally, from the Covid-19 pandemic to the ever-present cost of living crisis, the UK is grappling with an astounding £400 billion of mortgage debt. Statistics reveal that of the 10.7 million open mortgages, 7.7 million are fixed-rate mortgages[1], burdening consumers with mortgage payments that are nearly half of their income once their fixed rate comes to an end. With the latest interest rate hike confirmed by the Bank of England rising by 0.5%[2] it is crucial for homeowners, particularly those transitioning from fixed rates, to prioritise their ...
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