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Lending growth could benefit mortgage life insurance

The mortgage life insurance sector is likely to be impacted upon by growing mortgage lending as an increasing number of people obtain house purchase loans.

New data from the Council of Mortgage Lenders (CML) show that gross mortgage lending increased by 26 per cent in July as the figure hit £16 billion, up from £12.7 billion in June.

However, this is still 36 per cent below the £24.9 billion recorded in July 2008, added the CML, which stated that it is a sign that lending is picking up "after an exceptionally weak winter".

"We expect improved sentiment to support the market, but a further significant pick-up is unlikely with so many obstacles in place," commented CML economist Paul Samter.

Although mortgage life insurance is recommended for everyone obtaining a house purchase loan, people with dependants or those taking out a joint loan are the ones that need it the most.

Without this cover, a partner or spouse could be left shouldering the entire remainder of the debt in case of death, which can lead to the loss of the property if they are unable to repay the mortgage debt.

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You may also be interested in:

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