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Mortgage protection popularity on rise

Wednesday 17th February 2010

Consumer’s interest in mortgage insurance has lifted the value of each case by 56 per cent, according to Dot Financial Services, due to improved understanding that the tough climate demands more insurance cover.

Andy Cuthbert, managing director of dot financial services said: “The recession and general state of the economy has made people nervous in every aspect of their life. The property industry has in particular felt the brunt of a weak economy and, even though interest rates are still at a historical low making mortgage payments easier for some, first time buyers are continuing to struggle to make that step onto the property ladder.”

He continued that for anyone fortunate enough to have a large deposit to make the move they will remain cautious while they do it.

“Mortgage payouts are one of the biggest monthly outlays for an individual and people are now prepared to pay that little bit extra to feel secure in the knowledge that if they, for example, lost their job, they have a protection in place that would pay their mortgage until they got another one,” said Cuthbert.

He continued: “With the Bank of England warning the public of the daunting forecasts that lie ahead putting a fear in people that we may experience a double dip recession, I am confident that 2010 will see the trend of increased mortgage protection continue.”

Legal & General has been Dot Financial Services ainsurance partner since 2008.

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