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BORROWERS on low incomes who secure a foot-hold on the property ladder via the Government’s HomeBuy Scheme should ensure they don’t risk losing their home by signing up for low-cost mortgage payment protection insurance (MPPI), warns independent broker

“For people whose financial situation prevents them from buying a home on the open market, the HomeBuy Scheme is a fantastic initiative,” said managing director Shane Craig.

“But it’s imperative that, having got this far, they have the safety net of MPPI in place to catch them should they take a tumble and find they can’t keep up their repayments.”

Homeowners can get full ASU (Accident, Sickness & Unemployment) cover with either Low Rate, which offers premiums of only £3.70 per £100 of cover, or FREE-4-ALL at just £3.95 with the added bonus of receiving the first four months cover completely free of charge.

“With prices this low there’s no affordability barrier to protecting your home,” added Craig.

To qualify for the HomeBuy Scheme, borrowers must be existing tenants of registered social landlords or on the housing register, key public sector workers such as teachers or nurses, or first time buyers identified as being in need of assistance. does not discriminate against HomeBuy Scheme homeowners, who share ownership of their property with a housing association or local authority.

From October 2006, High Street lenders will be providing joint fund equity loans through the Open Market HomeBuy option, but clients of the scheme are likely to be scared off these lenders’ MPPI policies by the over-inflated costs involved. bridges this affordability gap, allowing peace of mind for the people who need it most.