Spread of MPPI cover has been helped by falling premium rates over the past six years, an increase in the number of providers in the market and overall growth in the housing market, says the Council of Mortgage Lenders.
an average £4.95 per £100 worth of cover, homeowners have been further encouraged to ensure they have sufficient isnurance cover, so a quarter of the UK’s 11.5m mortgages are now covered by MPPI, the CML adds. Overall, some 60% of borrowers have some sort of private insurance linked to their mortgages. The CML warns, however, that risk cover is often patchy, not allowing, for example, for breakdowns in personal relationships. The Council does not make predictions about what may take place in the MPPI market with regard to numbers of providers or premium rates in future, saying it w...
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