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Sep 17

The UK nation of financial worriers

In the UK over half a million of us spend an average of 25 hours per week worrying. Property and our possessions are the things we worry about the most.

The fact is the credit crunch has had a worrying effect on us all, so much so that there has been an increase in people taking out optional mortgage repayment cover. This is also sometimes referred to as paymentcare by mortgage providers.

It makes sense that areas of London and the South East UK seem to be the biggest worriers because these are areas where house prices are the highest and therefore people will probably be struggling the most in these areas. With the average house price in an area of South East London where I used to live is now 277,519! Over just the last 12 months there has been an increase of 11.6 per cent. If you break this cost down by property type it becomes even more staggering; Detached: 570,634, Semi-detached: 347,396, Terraced: 268,966, Flat: 192,583. If you take a central London area like Ealing, the average price here is even higher at 347,622.

The credit crunch, talk of recession and inflation has only increased the worries and paymentcare or mortgage protection cover may be a good idea to put your mind at rest. The basic idea is that your mortgage will be paid for a specific period of time if you loose your main source of income through not fault of your own.

If you think you might be in need of help with your mortgage repayments or general debt help debt help then do not bury your head in the sand. There are lots of professional debt management companies able to help you and if you’re unsure what to do then visit the Citizens Advice Bureaux or seek professional financial advice.

Simon Duffy writes for the Financial Blog a UK Finance Blog talking about all aspects of personal finance including loans blogs, credit cards blogs, tenant loans, credit cards blogs, mortgages blogs, insurance blogs and more.

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