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Mortgage Payment Protection UK

In 1999, the Council of Mortgage Lenders (CML) and the Association of British Insurers (ABI) launched their Sustainable Home-ownership initiative and set a target of 55% take-up of uk mortgage protection insurance cover by 2004.

Despite these organisationsí best efforts to promote awareness and increase the take-up of uk mortgage protection insurance by the end of June 2002 there were only an estimated 2,518 million uk mortgage protection insurance policies in force. This represented almost 23% of the total number of mortgage outstanding at the end of the period.

Since then, the CML and the ABI have revised the target and the aim now is to keep the average annual number of possessions below 30,000 and to keep possessions in an event lower than they would have been in comparable economic circumstances in the past. It also estimates that while approximately 55% of all homebuyers need uk mortgage protection insurance or an equivalent form of insurance cover, the remaining 45% do not need mortgage protection because their risk is limited.

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