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Mortgage article 10:Rising Insurance Sales Plug Gap in Mortgage Cover
23 April 2002
Latest figures released jointly by the Council of Mortgage Lenders (CML) and Association of British Insurers (ABI) show an encouraging increase in the take-up of mortgage payment protection insurance (MPPI). More than a third (36%) of mortgages taken out in the last six months of 2001 were protected by policies, compared with 32% of mortgages in the first half of the year.
A total of 22.5% of all mortgages in the UK, or 2,534,000 borrowers, are now protected by MPPI. In reality, the number of home-owners with protection will be higher because some borrowers also have critical illness and income protection cover.
The figures show welcome progress in the sustainable home-ownership initiative launched in mid-1999 by lenders, insurers and the Government to reduce the volume of home repossessions caused by an unexpected loss of income. In 1998, only 23% of mortgages were taken out with insurance.
Commenting on the latest figures, the Deputy Director General of the CML Peter Williams said: Next page
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