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Jargon Buster

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Mortgage Loan Insurance

for mortgage loans secured against UK property, mortgage loan insurance can help you protect your mortgage loan payments if you become unemployed, suffer an accident or sickness (this is known as a incapacity), or you die.

Why would anyone require mortgage loan insurance ?

The Council of Mortgage Lenders reported 18,900 repossessions during the first six months of 2008, which is an increase of nearly half on the 12,800 people ejected onto the streets this same time in 2007. The number of mortgage holders behind on their payments has also increased. They rose by 29% to 155,600, up from 120,800. Mortgage loan insurance could have prevented that.

One internet mortgage source is quoted as saying: "Right now repossessions are small. But if prices keep sliding it is only a matter of time before buyers begin handing back the keys and walking away. Then we could see repossessions climb sharply."

Although mortgage loan insurance has been around along time, the lenders have been accused of overcharging for their in-house mortgage loan insurance, and until fairly recently an alternative source of mortgage loan insurance has not been widely publicised. However, with mortgage loan insurance now available form as little as 1.60 for each 100 of mortgage loan to cover it would be a prudent time to buy.

How will the current credit crunch effect the sales of mortgage loan insurance ?

Its a two edged sword. Given than mortgage loan insurance is usually taken out at the same time as getting a new mortgage, because the mortgage lenders own mortgage loan insurance is pushed heavily at the point of sale, the dramatic drop in new mortgage approvals means that fewer of the mortgage lenders own loan insurances are sold.

On the other hand, the UK buying public is becoming more aware of the way mortgage lenders have been milking them on their insurances over the years and are more readily turning to the internet to find cheaper alternatives. This might help to redress the balance of new mortgage loan insurance sales as the new breed of age related mortgage loan insurances become more easy to find.

Mortgage Loan Insurance Quote from 1.60 per 100 of mortgage cover.

Mortgage Loan Insurance

Your home may be repossessed if you do not keep up repayments on your mortgage

Mortgage Repayment Insurance

Equity Release Mortgages