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The Debt Test: Are You Making Out a Mountain Out of Your
Mortgage?
According to the Council of Mortgage Lenders, first-time
buyers are the most susceptible group of homeowners to debt, as
they are more likely to have higher loan-to-value ratios and
commit a higher proportion of their income to mortgage
repayments. Despite their susceptibility to debt, there is
evidence which indicates that insurance take-up and employee
benefits provide recent first-time buyers with a safer foundation
than the general population of mortgage borrowers.
The Council of Mortgage Lenders (CML) has become increasingly
concerned about the ability of current and future home-buyers to
pay back mortgages in the event of changing circumstances. Over
the past five years, the CML and its partners within the
Sustainable Home-ownership Initiative, have sought to improve
this issue. Contributing factors to the problem include
increasing personal debt levels and a less certain economic
environment. This has provoked concern about the sustainability
of home-ownership and consumer understanding of financial
products, ensuring that the issue of mortgage risk is at the top
of the agenda for the UK Government, industry regulators and
public as a whole.
Over the last year, the Sustainable Home-ownership Initiative
has debated the most effective move forward to increase
home-buyers' awareness of potential debt and protection from
unforeseen events with insurance products, specifically Mortgage
Payment Protection Insurance (MPPI). The Financial Service
Authority is leading the way to help raise awareness of debt
prevention with the "Debt Test" initiative.
According to research carried out by the Council of Mortgage
Lenders, two thirds of recent first-time buyers say that an
online debt test designed to help them assess potential triggers
of debt and highlight future borrowing risk would be useful.
The mortgage market is also watched very closely by the
consumer research website, moneynet. In addition to tracking
market behaviour, property values and homeowner incomes, moneynet
have endeavoured to become increasingly proactive about educating
their visitors, so they fully understand the complexity of the
relevant financial products. In addition to their mortgage
comparison service and mortgage protection options, moneynet
published a comprehensive mortgage guide earlier this year, as
part of its series of consumer product guides. Moneynet isn't the
only site to offer enhanced information services; Which? also
offers a detailed mortgage guide and mortgage search tool powered
by Moneyfacts. Both "Switch with Which?" and moneynet take the
consumer through the types of deal available, detailing the
different interest rate structures including fixed rates, capped
rates, discounted rates, stepped rates and standard variable
rates.
The CML state that there is much evidence to show that
first-time buyers appreciate this information, including the
"debt test", more so than older households. This is perhaps due
to the fact that many first-time buyers have to borrow much more
for their initial property, due to high prices, and that they
have generated more personal debt than their parents' generation.
Whilst personal debt remains a major concern for the finance
industry, the government and the public, financial stability
remains possible with education.
* * * * * * * * * * * *
Resources:
http://www.moneynet.co.uk/mortgage-guide/index.shtml
http://www.switchwithwhich.co.uk/mortgage/index.html
http://www.cml.org.uk/
Rachel writes for the personal finance blog Cashzilla:
http://www.cashzilla.co.uk/
 MORE RESOURCES updated Tue. February / 07 / 2012
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