The Council of Mortgage Lenders (CML) this year set challenging aims to keep the average annual number of home repossessions below 30,000 – the average number over the last 10 years is 35,000. Skipton’s decision to now offer free ASU on all its new mortgage products can only help meet this target. The latest figures from the CML show that 2,518,000 mortgage payment protection policies are in force, but this still only represents 22.4% of the total number of mortgages outstanding.
Commenting on this move, David Harvey, head of insurance, said, “The society actively promotes and supports the CML’s initiative on ASU. Our decision to offer six months free cover across our entire mortgage range reaffirms our commitment to helping borrowers maintain their most treasured possession during periods of difficulty.”
