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People in their 50s & 60s are still paying off mortgage debt

Written by Robert McHugh, on 4th Jan 2016. Posted in General

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Royal London have today released data relating to their Irish Mortgage Protection cover customer database from 2004 – 2014.

The data shows that that there has been a steady decrease in the numbers of 20 somethings taking out policies. First time buyers are now mostly in their 30s rather than their 20s and people are trading-up in their 40s and 50s rather than their 30s and 40s.
 
Based on their analysis, Royal London say that the drop in the numbers of people in their 20s taking out mortgage protection is not all that surprising.
 
Marketing Manager at Royal London Ireland, Joe Charles commented, "We are becoming a nation of renters, according to recent media commentary, particularly those in their 20s. For some, it’s a choice or a lack of supply. For others, it’s the tightening of mortgage lending criteria which has meant that less people in their 20s are applying for and securing a mortgage. 

"In addition, it’s probably also a change in approach to life. 20 or 30 years ago many people were getting married, buying a house, having children in their 20s, many more people are now waiting longer to settle down." 

Source: www.businessworld.ie 

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