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Mortgage protection insurance could prevent repossession

New figures from the Council of Mortgage Lenders (CML) show one in every 1,000 mortgage-holders lost their properties in the three months leading up to August 2009.

The CML data revealed there were 11,400 cases of repossessions in the last quarter, some of which could have been prevented if the owners had taken financial protection measures such as mortgage protection insurance.

The figures are ten per cent fewer than the 12,700 recorded in the first quarter of 2009, but are 14 per cent more than the 10,000 cases seen in the second quarter of last year.

Commenting on the data, the CML's head of policy Jackie Bennett said that the mortgage sector is not yet out of the woods, which underscores the importance of having mortgage life insurance or income protection cover.

"With unemployment rising and the economy still weak, the outlook will remain challenging for the rest of this year and into 2010," she said.

"But today's data shows that lenders are committed to helping borrowers manage their way through temporary payment problems and get their mortgage back on track over time, avoiding possession where possible."

Mortgage insurance and income protection can guarantee the repayment of the loan in the event of illness or death.

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