First-time buyers 'forego safety net', says LV=

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First-time buyers 'forego safety net', says LV=

Young homebuyers are increasingly willing to stretch themselves when taking out a mortgage, according to LV=.

Despite a series of increases in the interest rate, one in six adults aged under 35 told the insurer that they would borrow more than five times their salary in order to get onto the property ladder.

The provider, which offers a mimi Flexible Protection Plan, also learnt that 30 per cent of people would shun financial protection in favour of taking out as large a mortgage as possible.

Nigel Snell, communications director at LV=, said that the results show that young people are prepared to borrow beyond traditional limits and without protection.

"We fear that, under genuine pressure to realise their home-buying dreams, many more buyers will choose to walk the mortgage highwire without a financial safety net," he warned.

LV=, formerly known as Liverpool Victoria, is the UK's largest Friendly Society.

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