Homeowners ill-prepared for redundancy

70% of homeowners would be able to survive for up to three months should they be made redundant, according to new research from Property Portfolio Rescue (PPR).

The research reveals that almost three quarters of homeowners are not worried about losing their home if they are made redundant. However, only 27% of people have any financial plan or insurance in place and a worrying 69% believe they could only survive financially for a maximum of three months without a job, despite several advice groups such as Which? suggesting a savings buffer of at least three months’ salary is built up as a contingency plan.

A further 15% claim to be able to survive for less than six months should they fail to find new work straight away.

Younger homeowners would be the worst affected, with 79% of 25-30 year olds only able to keep afloat financially for less than three months should they lose their jobs, compared to 62% of 46-50 year olds.

29% of home owning couples admitted they would be unable to cover the mortgage and household bills at all should one of them be made redundant. However, 63% do have access to some form of savings and 43% to support from a partner.

Nick Hopkinson, director of Property Portfolio Rescue (PPR), said: “It’s shocking to think that

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