Nine in 10 people taking out mortgage protection are now over 30 years of age, with one in eight policies taken out by 50-somethings.
The Irish Mortgage Advisors (IMA) say there has been a marked shift in the profile of house buyers in the last two decades.
Speaking on RTÉ’s Morning Ireland, Chairman of the IMA Trevor Grant said the findings are based on activity from 2025.
“92% of mortgage protection cover is taken out by those over the age of 30, and in fact, the median or typical age is 40,” said Mr Grant.
“If we look back in 2010, the median or typical age was 35 and as far back as 2004, the median age was 30, so we’re seeing a very significant change in the profile and age of first time buyers,” he said.
The IMA is also advising people to be cognizant of the knock-on financial consequences of the trend of buying homes later in life.
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Mr Grant said that while for some renting is a lifestyle choice, for many its a result of the property shortage.
“They’re very vulnerable because the stimulus for anyone taking out life cover these days is when you take out your mortgage because the lender essentially forces you to do it,” he said.
“Renters are in a very vulnerable position by not ensuring that they are protected and that their dependants are protected,” he said.
While the IMA Chairman acknowledged that property supply is slowly improving, he noted that it needs to “significantly improve”.
