It is ironic that at a time when the reputation of payment protection insurance is perhaps at its lowest ebb, the stiffening financial environment means consumers increasingly need the safeguards such cover can provide.
Since last summer the Bank of England Base Rate has risen by over 25% and now stands at 5.75%. This obviously creates problems of its own when it comes to those on variable rate mortgages, not to mention the difficulty that many will have in the months ahead when the fixed rate deals they secured 18 months or two years ago come to an end. For borrowers at the heavier end of the adverse market the worry will be that tightening product criteria prevents them from being able to remortgage away from their current deal when it finishes. If this transpires to be the case then these borrower...
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