Paymentcare.co.uk has seen non-conforming consumers left with little option other than accepting a deal with punishing rates.
As lenders continue to clamp down on their criteria, Shane Craig, Paymentcare.co.uk's managing director has highlighted the need for some to take out MPPI in order to safeguard their financial future.
“It can take years for a history of mortgage arrears, bankruptcy and CCJs to drop off consumers’ credit history report, but life goes on and these people still need mortgages and credit the same as anyone else,” said Craig.
“But it’s very often the case that those least able to afford the repayments are charged the highest rates and have the fewest options, meaning that if they don’t put adequate protection in place, they could be making matters worse instead of getting back on their feet.”
Stand-alone MPPI can now be bought for just a few pounds - and at much lower rates than lenders’ own protection.
