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5 Aug 2020

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Mortgage life insurance vital as lending picks up

House purchase loans are picking up, according to the latest data from the Council of Mortgage Lenders (CML), as consumers move to take advantage of the diminished property values.

However, if recent developments in the financial markets and the precarious employment situation are anything to go by, mortgage life insurance is vital for anyone taking out or extending their loan.

The month of June saw an estimated £12.3 billion in mortgages provided, which represents a 17 per cent increase from the £10.5 billion figure recorded in May and a 48 per cent fall from a year ago.

CML economist Paul Samter explained that the increase was down to "seasonal factors" but warned that there are still some factors that may hamper growth.

"The combined effects of the restricted nature of mortgage funding, reduced number of active lenders, weak labour market and limited consumer demand are likely to hold back any significant and underlying improvement," he said.

Mortgage life insurance is vital because it is designed to help pay off a mortgage in the event of a policy holder's death, which ensures that any dependant such as a spouse is not left with a mountain of debt.

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Mortgage life insurance vital as lending picks up