Mortgage protection gap warning

HOMEOWNERS who have restructured their mortgage are at risk of not being properly insured on their home loans.

Up to 50,000 mortgage holders are believed to have restructured their loans but may not have adjusted their mortgage protection cover to reflect this change.

Caledonian Life head of sales and marketing, Greg Dyer, said: “Many people have ceased to make capital repayments by switching to interest-only on their mortgage. This is totally understandable considering the considerable financial pressure people are under.”