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Mortgage article 10:Rising Insurance Sales Plug Gap in Mortgage Cover; page 2
"The figures show that we are continuing to make welcome progress. But recent research by the CML shows that the overall safety net for home-buyers has been weakened by diminished state support for those in difficulty.
"If the initiative is to achieve the goal of making home-ownership truly sustainable, the Government needs to play a greater role in supporting home-buyers. We would like to examine with the Government ways of providing more protection for home-buyers against uninsurable risk."
The Director General of the ABI Mary Francis said:
"The increase is steady and encouraging. A house purchase is the single biggest investment most people are ever going to make and we are concerned that too few people are taking appropriate steps to protect the roof over their head.
"It is normal for people to consider protecting their loved ones and their homes if they die but less common that people consider the consequences of not being able to work. This is likely to be because there are still far too many people who mistakenly believe that the Government will step in and help pay the mortgage if the worst were to happen."
Note to Editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are more than 11 million mortgages outstanding in the UK, worth more than £590 billion. Further background information on the CML is available from our website at www.cml.org.uk.
2. The Association of British Insurers is the trade association for Britain's insurance industry. Its more than 400 member companies provide over 97% of the insurance business in the UK. The ABI represents insurance companies to the Government, and to the regulatory and other agencies, and provides a wide range of services to its members. ABI member companies account for more than a fifth of investments in the London stock market. For further information, contact Leonie Edwards on 020 7216 7411 (mobile: 07712 841184). End of article - Back to mortgage articles page
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