There is a considerable lack of awareness among homeowners for the need for a will, leaving many vulnerable to serious financial difficulties, says a new report.
This article first appeared on Your Money.
According to mortgage broker Oportfolio, despite making a will being an essential part of becoming a homeowner, 7 million homeowners currently do not have one.
The report highlighted that since 2009, the number of people with wills have gone down four per cent - to 35% of all homeowners, with a lack of awareness being cited for the main reason for the numbers going down.
However, the report highlighted that homeowners without a will leave themselves exposed to ‘potentially very difficult financial circumstances'.
Homeowners are being advised that getting a mortgage without a will could mean that their next of kin is ‘ultimately left homeless and unable to cope with having to make the agreed repayments' on the mortgage.
Oliver Whitehead, managing director of Oportfolio, said: "British homeowners are in need of a wakeup call: wills are easy to set up and readily available for a comparatively small cost.
"Therefore our advice to anyone who is already a homeowner or considering getting a mortgage without having a will in place, I urge you to reconsider without delay."
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