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Loan protection: Mortgages 'a huge commitment'

It may be important to take out loan protection because mortgages are a "huge commitment".

Martyn Dyson, mortgage specialist at Nationwide, claims that many homeowners may be shocked when interest rates eventually increase.

He claims that people have a different attitude towards their mortgages in comparison to buying big ticket items, such as a car or a holiday.

Mr Dyson said: "Mortgages are not quite as exciting as buying a TV or buying a car, but mortgages are fundamental and they are a huge commitment.

"There is a real opportunity for people to start planning their mortgage now and maybe even save some money which would put them in a better position for when the base rate does start to increase."

His comments follow research by the building society reported on February 18th, which revealed that three quarters of mortgage holders have made no plans for a base rate increase.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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