Protecting yourself from the unforeseen Moneywise Magazine
Patrick Henry, 32, is a process controller for United Utilities. He lives in Northwich, Cheshire, with his wife Helen, 33, who is a teacher.
The couple married in July 2009 and are in the process of moving house and arranging a new mortgage with Barclays, their existing lender.
The mortgage total will be £153,995 over a term of 13 and a half years, with an interest rate of 0.74% above the base rate, and monthly repayments will be £1,038.75.
Patrick's monthly earnings after tax are £1,900, while Helen takes home £1,850 a month. They both have final salary pension schemes with their current employers. Patrick contributes 5% monthly and Helen 6.4% monthly.
Helen has £5,000 outstanding on a student loan but the couple has no other debts. They have £15,000 in an offset mortgage account with Barclays and £5,000 in an instant access account with Yorkshire Building Society, with an interest rate of 2.1%.
Patrick has a stocks and shares individual savings account with Legal & General currently worth £1,256.12 into which he makes regular payments of £50 a month.
