The Government's initiative to increase the uptake of mortgage protection appears to be paying off. ...
The Government's initiative to increase the uptake of mortgage protection appears to be paying off.
According to the ABI and the Council of Mortgage Lenders (CML), there was a 9% increase in the number of mortgages taken out with an insurance policy in place over the last six months.
Over two million mortgage borrowers now have mortgage protection in place, representing 19% of the market.
In the second half of 1999, there was a 32% increase in the number of borrowers taking out mortgage payment protection insurance with their mortgage compared with the first six months of the year.
The initiative, set up by the CML and the ABI with Government backing, aimed to increase the take-up of products that cover mortgage payments in the event of accident, sickness and unemployment and to ensure that they are more specifically targeted to those that need, and would benefit from, a product.
Around 86% of mortgage insurance claims were accepted by insurers during the second half of 1999.
