First-time buyers urged to protect their money

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First-time buyers urged to protect their money

Thu 9th Nov 2006

The Post Office has warned first-time buyers that they are taking a risk by not taking out an insurance policy to cover their mortgage payments should they become unable to meet their charges.

Almost of half of those surveyed (45 per cent) said that they did not have in place an insurance policy such as the Post Office's Lifestyle Protection and of these, nearly half remarked that it was too expensive to get insurance cover.

Post Office Lifestyle Protection is more flexible than standard payment protection insurance according to the company due to the fact that customers are able to tailor the policy in order to choose the level of cover they receive.

Claire Oldstein, head of communications at Post Office Financial Services stated: "First-time buyers are putting their finances, and potentially their homes, at risk by failing to protect their income, especially if we continue to see interest rates rise."

"It may seem another unwelcome expense to a first-time buyer, but if they shop around it might not be as expensive as they think," she continued.

Post Office Lifestyle Protection can be purchased to cover credit cards, personal loans and mortgages.

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