The popularity of mortgage protection products is growing, according to new research.
By the end of 2003, 25.6% of the UK's 11.5 million mortgages were covered by MPPI, an increase on the 23.5% of mortgages that were protected in the first half of the year, said the Council of Mortgage Lenders.
The research showed that 60% of home-buyers have some form of insurance to provide help if they were unable to keep paying their mortgage, said the trade body.
The figures also show that the average cost of MPPI continues to fall, claimed the CML. At £4.95 per £100 of mortgage payments, MPPI is now almost 12% cheaper than it was six years ago, the CML said.
