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You may have worked hard over the last two years to keep managing your adverse mortgage – but is your mortgage putting you at risk?

Only 22% of UK consumers are certain they could meet an unexpected expense of just £1,500 according to TNS Personal Risk Assessment. I has found that many people are so geared up with debt that they barely have a penny to spare, even when they would need it most.

Although half of the UK respondents questioned by TNS would turn to their savings in an emergency, these savings frequently amount to very little. Almost a third would have to ask for help from their family, with women more likely to ask for help than men. Unsurprisingly, the younger the consumer, the more likely they are to borrow from family.

20% of UK respondents would turn straight to their credit cards to fund an emergency cost – almost double the number who would use plastic in most other countries surveyed. 

Waheed Aslam, Director of TNS Finance, says: “Although 55% of respondents indicated that they held savings, for many the amounts were not substantial. This could be attributed to a lack of understanding about the potential financial products available, or even a general lack of education on the benefits of saving over relying on credit for those rainy day emergencies.”

If your mortgage is preventing you from having the ability to raise modest funds in an emergency, something must be done. No one knows when they might need money fast, but having a mortgage that is holding them down financially is never safe. Talk to a mortgage expert about rearranging finances and taking on a new mortgage so as to give you some financial freedom should you need it.

SOURCE: TNS Finances, 28/01/10

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