Paying mortgage 'should be highest priority'

27 October 2009

Written by Michael Aglony

Ensuring that they can make monthly mortgage repayments is the highest priority for any homeowner, it has been suggested.

According to Barney McCarthy, editor of consumer advice website Your Mortgage, property owners need to make sure their home loan is top of their budgeting agenda.

His comments come after insurance group LV= released results of a survey that showed nearly two-thirds of homeowners consider burglary to be the primary threat to their property.

In comparison, 49 per cent of those who own their own residence said that being unable to pay a mortgage was the main danger to their home.

Mr McCarthy remarked: "It is good to see that homeowners are being security conscious and mindful of threats to their property, but this shouldn't be at the expense of missing their mortgage payments."

Those with buy to let mortgages were recently advised by both the National Landlords Association and the Association of Residential Letting Agents that it is important to take out insurance to cover rental income in case tenants are unable to pay what they owe.

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