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Lenders must reduce MPPI rates, says British Insurance

Lenders should lower MPPI rates to slow down the number of repossessions, says independent provider British Insurance.

The insurer’s managing director Simon Burgess is calling for lenders to reduce MPPI rates to help ensure more customers have a financial safety net should an accident, sickness or unemployment occur.

Burgess’ plea comes after the CML predicted 45,000 homes will be repossessed in 2008.

He says: “Lenders have a duty of care to make this insurance affordable and easily accessible. If lenders had provided more affordable MPPI policies that match our prices I suspect more people would be able to keep their homes.”

Burgess is now warning homeowners who lose their wage to be aware of the nine-month waiting period for any Government help in meeting their mortgage payments.

He says: “If they had PPI, they would receive back to day one payments and have their mortgage repayments met for up to a year.”


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