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13 Aug 2020

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Income Protection News

Mortgage protection insurance could benefit as fixed loans are snapped up

Demand for mortgage protection insurance could be affected as an increasing number of consumers opt for fixed rate loans.

Figures from Paragon's Financial Advisor Confidence Tracker show that the number of fixed deals secured via intermediaries is at record levels.

Fixed deals occupied 70 per cent of all the loans submitted in the three months to the end of June, which is the highest level since the survey was launched in 1996, said the organisation.

The figure is also a jump from the 55 per cent recorded in the first quarter of the year and 41 per cent in the final quarter of 2008.

"With borrowers unsure about the next move for interest rates, they appear to have been opting for the security of fixed rate deals," explained John Heron, Paragon Mortgages' managing director.

Noting that the likely move for the base rate would be a hike, he said that "the options for borrowers have generally been limited as mortgage finance across the UK market has dried up".

People having their loans approved are advised to ensure they have mortgage protection insurance to guarantee the loan's repayment even if they pass away.

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