Fewer People Taking Out Mortgages Inside Their Twenties: Royal London

A study of Irish mortgage protection cover has pointed out the transforming demographic of mortgage holders over the past decade.

Mortgage protection experts from Royal London examined the market here through 2004 : 2014.

The results pointed to a steady reduction in the proportion of individuals in their twenties obtaining mortgage safety.

Mortgage safety cover is usually a prerequisite for anyone investing in a home in addition to financing the purchase with a mortgage.

The research also highlighted that there was obviously a higher portion of people within their fiftiesand sixtiesstill paying off mortgage debt.

Looking at the Mortgage loan Protection policies that have been taken out with Royal London between 2004 plus 2014, it could appear very first time buyers are actually mostly in their 30s, instead of their twenties and, folks are trading-up within their 40s and 50s, as opposed to their 30s and 40s, Joe Charles, Marketing Office manager at Regal London Eire, explained.

Since Mortgage Safety cover is nearly always the requirement all lending institutions in Ireland insist on as a condition of mortgage authorization, this study gives a good indication of how typically the profile of mortgage job seekers has changed through the years, he concluded.