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28 Mar 2024
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August house price increase could benefit mortgage life insurance firms

Mortgage life insurance firms hope for increased up take

Mortgage life insurance providers stand to benefit as an increasing number of consumers and first-time buyers consider getting on to the property ladder.

New figures from Nationwide Building Society show that a 1.6 per cent rise in house prices was registered in August, partly fuelled by the increasing confidence among buyers.

This is the fourth consecutive month that prices have increased, with the value of a typical home now at £160,224, although this is still slightly below the value of properties recorded 12 months ago.

Martin Gahbauer, Nationwide's chief economist, linked the increasing confidence to low interest rates, saying: "In addition to limiting the supply of second-hand homes, lower interest rates have also had an impact on the demand side.

"Even though house prices remain high relative to earnings, the fall in interest rates has improved the affordability of mortgages for those looking to buy a home."

Most lenders recommend taking out financial protection measures such as mortgage life insurance, when homeowners are obtaining a loan.

This cover is designed to ensure the debt is repaid even if the borrower dies, which can prevent any dependants or spouses from having to shoulder the burden.

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