| Mortgage Payment Protection Insurance is a legitimate and worthwhile insurance for the right customer. We are not in a position to advise on whether mortgage protection is right for you. However, we can offer you some useful background information and links to insurance companies and brokers offering mortgage payment protection insurance policies.
This type of insurance policy has come in for criticism, some of it warranted, over recent years. In effect, it has been miss-sold - not by brokers, but by the major high street lenders. Some lenders automatically included Mortgage Payment Protection Insurance in their quotes without being asked to do so by the customer; others refused to send out policy documents or to give a simple explanation of what was covered.
It's not difficult to see why they took this irresponsible approach - Mortgage Payment Protection Insurance is a complex product that can be easily disguised in the raft of literature that goes with a mortgage application and the customer is in effect conned into taking out the policy.
But people are being put off buying insurance to safeguard their homes because high street lenders are grossly overcharging for the cover. But there is no need for borrowers to buy Mortgage Payment Protection Insurance from lenders. As a borrower, you can shop around. The average Mortgage Payment Protection Insurance premium for each £100 of cover for the top 10 lenders is £ 5.78. But specialist Mortgage Payment Protection Insurance providers can offer the same or better cover, at much reduced premiums.
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Mortgage Protection Insurance
