Mortgage payment protection insurance saves the roof over your head
- 3RD JUNE 2007
While the investigation into the payment protection insurance (PPI) sector has no doubt damaged the consumer’s faith in the product, mortgage payment protection (MPPI) is without a doubt a valuable asset.
Mortgage payment protection insurance is taken out to protect your monthly mortgage repayments should you find yourself unable to work through accident, long term sickness or unexpected redundancy. The cover will under normal circumstances pay out for a period of up to 12 months though some policies run for two years.
However during recent investigations into the sector by the office of Fair Trading and the Financial Services it was found that a great many policies have been mis-sold, which has led to many consumers making a claim for compensation and leaving many people without essential cover.
The sector is currently being reviewed by the Government body the Competition Commission with their findings due to be announced in February 2009.
The other major downfall with the product is the high premiums the high street banks and lenders charge for the cover. However mortgage payment protection insurance can be bought as a standalone policy from an independent provider which can work out much cheaper.
One such company is British insurance. British insurance are an ethical and specialist payment protection provider who can offer you a quality product while keeping the premiums at a minimum. Led by Simon Burgess who is very vocal as to how consumers are continually ripped-off by “greedy and dishonourable” banks and lenders, it makes sense that you save the roof over your head by purchasing your payment protection insurance from British Insurance.
