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Mortgages

Volume 487: debated on Thursday 29 January 2009

To ask the Secretary of State for Communities and Local Government how many and what proportion of homebuyers took out mortgage payment protection insurance in respect of new mortgages in each year since 2000. (251726)

Estimated numbers of households in England with mortgages that have mortgage insurance back to 2002-03 are presented in the following table. It is not possible to say if these insurance policies were taken out at the time of house purchase/remortgage or at another time.

Trend in households buying with a mortgage that have mortgage insurance1, England

2002-03

2003-04

2004-05

2005-06

2006-07

All buying with mortgage (thousand)

8,504

8,523

8,300

8,144

8,072

With mortgage insurance (thousand)

5,036

5,088

4,812

4,798

4,670

with mortgage insurance (percentage)

59

60

58

59

58

1 Insurance that pays off all or part of the mortgage in case of critical illness, or accident, sickness or unemployment/redundancy

Source:

Communities and Local Government, Survey of English Housing