New mortgage insurance launched
A new form of insurance has been launched which will enable upto ten months cover of mortgage payments.
Mark Stephens from the Housing Policy, Report co-author spoke further in regards to this situation: “Restrictions to the state safety net mean home-owners have to wait nine months for any help. Take-up of private insurance is so low that only one-fifth of home-owners are protected.”
There are some firms which help borrowers avoid repossesion. They simply give chances for homeowners to sell or even rent back their property, this can sometimes avoid CCJ's and future records of bad credit history.
Report co-author Steve Wilcox added: “Vulnerable home-owners are now more exposed to risk than they were in 1992. With housing market conditions tightening it’s time to re-think how to best help these households and to provide better underpinning for the housing market – and the wider economy. We hope that this report will kick-start a debate on how policy should change to meet modern-day housing needs.”
Free Mortgage Enquiry