Cheap mortgage payment protection advice
- 4TH AUGUST 2007
When it comes to cheap mortgage payment protection advice then you have to go to a specialist. The high street banks and lenders simply doesn’t have the expertise needed to ensure that the consumer gets not only the cheapest quote for the cover but also the best advice regarding the suitability of a policy.
High street lenders deal in mortgage payment protection insurance (MPPI) but the cover is only offered as a sideline alongside their mortgages. A specialist on the other hand such as independent and ethical provider British Insurance, will only sell products of this nature as well as knowing their products inside out.
The product is under close scrutiny at the moment started after a Super Complaint by the Citizens Advice Bureau in 2005 followed by investigations by the Financial Services Authority and the Office of Fair Trading. There was found to be wide mis-selling of policies by high street banks and lenders. They were mis-sold due to the consumer not understanding the product or not having it explained at the time of purchasing. Worse still, some lenders added the cover onto the mortgage repayments without asking first.
The sector is now currently under review by the Competition Commission with a conclusion expected in February 2009.
A mortgage payment protection policy can help you to carry on making the repayments on your mortgage if you should come out of work due to an accident, sickness or unemployment. The cover is designed to pay out, typically for up to 12 months, after you have been out of work for 30 days or more and will provide you with a fixed monthly income. However there are exclusions that can stop you from claiming.
Luckily there are specialist providers such as British Insurance who give honest advice about the exclusions and make sure you understand the product by giving clear information. They also can help you to get a quick an easy quote for cheap mortgage payment protection which if far less than any quote a high street lender will give which gives you not only great savings but peace of mind you have a quality product.
