Based upon research from the Federation of Information and Advice Centres (FIAC) on house repossessions and statistical evidence from the Chartered Institute of Purchasing and Supply (CIPS), the insurer claims that a recession next year will hit homeowners hard.
Tony Claytor, new product director at Pinnacle, said: "The FIAC predicts that mortgage repossessions could double in the next few years, with total repossessions rising to 45,000 by 2003...compared to only 23,000 last year. And CIPS reports that manufacturing output in the UK shrank for the ninth consecutive month last October...when a 4.4 per cent fall was the sharpest drop registered since 1991."
"Coupled with the news that job adverts in the national press have plummeted to a 19 year low it is plain to see that the homeowner’s who do not currently hold MPPI should seriously consider purchase of this vital cover in the near future."
