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PROACTIVE APPROACH NEEDED TO KEEP REPOSSESSIONS TO MINIMUM – HOMEOWNERS CAN DO THEIR BIT WITH MPPI, SAYS PAYMENTCARE.CO.UK

Commenting on the Council of Mortgage Lenders’ announcement on the sharp rise in repossessions*, Paymentcare.co.uk MD Shane Craig said: “These figures should ring alarm bells in the minds of every homeowner who doesn’t have sufficient savings to maintain their mortgage repayments should they lose their income.

“It’s a mistake to think that the people who are now losing their homes are just the ones who have been living beyond their means. The current economic downturn is likely to result in unexpected redundancies this year and without some form of financial safety net, keeping up mortgage repayments can be virtually impossible.

Mortgage payment protection insurance (MPPI), ** – whilst not a solution for those who have just accumulated more debt than they can handle – is an affordable form of defence against repossession whilst those who have lost their jobs find a new one.

“To echo the Council of Mortgage Lenders, I believe that it’s the responsibility of everyone involved to do what they can to keep repossessions to a minimum. Homeowners are at the sharp end of this issue – protecting their mortgage with MPPI is one of the most proactive steps they can take.”

*Repossessions rose to 27,100 in 2007, Council of Mortgage Lenders, 8 February 2008
** Paymentcare.co.uk MPPI policies start at £3.70 per £100 of monthly benefit