Since the impact of borrowers failing to meet their mortgage payments in the USA and the failure of banks in the UK and Iceland it has become increasingly more difficult to borrow money. Unfortunately all the best financial brains failed to come up with solutions to the problem. This resulted in thousands of homes on both sides of the Atlantic being re-possessed, although this figure would have been greatly reduced if those people had taken out som form of income protection insurance.
Statistics reveal that mortgage approvals at the end of February 2010 fell by more than 1000 for the third month in a row despite house prices dropping by 1.5%. What is surprising is the fact that the number of mortgages available in February actually increased by over 1100 which in a way does not make sense, availability has increased but the take up of mortgages is down. Continue reading ‘Mortgage Protection Insurance Could Help You Out In the Credit Crunch’ »