New research from Vitality reveals that most homeowners fail to review their protection cover when remortgaging, even as their income, family circumstances, and lifestyles change. As interest rates begin to ease and remortgaging activity gathers pace, many risk missing a critical opportunity to ensure their protection still reflects the life they live today.
The research found that just one in five homeowners (18.6%) properly reviewed their protection needs when remortgaging, while 17% did not review them at all. Almost two‑thirds (64%) carried out only a cursory check, meaning the vast majority are remortgaging with protection cover that may no longer reflect their income, family circumstances or financial responsibilities.
Andy Philo, Director of Strategic Partnerships at Vitality, said: “With interest rates easing, remortgaging activity is set to rise, creating an opportunity for advisers. This is a key moment when homeowners are actively reviewing their finances, and one that should be used to reassess protection, address emerging gaps and ensure cover reflects the life they live today, not just their mortgage.”
The research also highlights limited financial resilience among homeowners. On average, people said they could continue paying their mortgage for 6.3 months if they lost their income, with almost one in ten saying they would struggle beyond a single month. With the median outstanding mortgage balance at just over £155,000, the findings suggest that failing to revisit protection at the point of remortgage could leave households financially vulnerable.
