Just over a third of home- owners have protected their mortgages with mortgage payment protection in...
Just over a third of home- owners have protected their mortgages with mortgage payment protection insurance (MPPI) or critical illness (CI) cover, according to Legal & General's latest Moving Intentions survey.
The survey reveals 21% of mortgage holders now have MPPI and another 4% have CI cover. A further 11% have both MPPI and CI cover.
However, the survey also shows an additional 36% of borrowers have neither type of cover in place.
The provider said too many homeowners are still risking the roof over their head by not properly protecting their mortgages.
Ronnie Martin, director of protection at Legal & General, said: 'Despite the Mortgage Code requiring advisers to discuss the need to protect mortgage payments against unforeseen events such as serious illness, it is surprising so many homeowners are turning down these sensible precautions. Our survey shows there is still some way to go before the Government's target for homeowner protection is met.
'As the house-moving season moves into optimum gear in the early part of the new year homeowners should not only look to move into their dream home but also ensure they can stay in it no matter what life throws at them. With mortgages cheaper than they have been for a generation, homeowners can afford this protection more than ever.'
