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Uplift in mortgage protection reinforces how fragile the economy is

16 February 2010

When reviewing 2009, Andy Cuthbert, Managing Director of dot financial services reports that they saw an increase of 56% in the average value of a case, which Andy says is due to clients improved understanding of their need to protect their mortgage.

Andy believes that dot's clients are now better protected due largely to their individual concerns over market conditions and his advisors ensuring all facets of protection were fully investigated and discussed in this regard in 2009.

Andy Cuthbert says:

"The recession and general state of the economy has made people nervous in every aspect of their life. The property industry has in particular felt the brunt of a weak economy and, even though interest rates are still at a historical low making mortgage payments easier for some, first time buyers are continuing to struggle to make that step onto the property ladder.

"For anyone fortunate enough to have a large deposit to make the move they are going to do it with care. Mortgage payouts are one of the biggest monthly outlays for an individual and people are now prepared to pay that little bit extra to feel secure in the knowledge that if they, for example, lost their job, they have a protection in place that would pay their mortgage until they got another one.

"Unemployment levels remain high and this combined with other sensitive factors has helped our clients realise the importance of protecting themselves. With the Bank of England warning the public of the daunting forecasts that lie ahead putting a fear in people that we may experience a double dip recession,

"I am confident that 2010 will see the trend of increased mortgage protection continue.”

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In the Spotlight

Every month we invite an industry regular to pop in for a brew and a chat with MyIntroducer to find out what they're up to and how business is fairing so far in 2009.

This Month we talk to Gary Bailey, Company Director at Manchester based lender, Blemain Group. Click to Read More...

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