Shop around for mortgage payment protection insurance quotes
- 19TH JULY 2007
One of the most prevalent criticisms of the payment protection insurance (PPI) industry in recent months has been the lack of value that they are offering the consumer. The ethical specialist payment protection providers British Insurance recently conducted several mystery shops for mortgage payment protection insurance quotes from high street mortgage providers. The results they found seem to point to these organisations ripping the consumer off yet again.
One mortgage payment protection insurance quote was £16,000 over what a homeowner should have been paying to protect the individual home, but the average mortgage payment protection insurance quote was £10,000 above the value of the policy. As a result, it poses a problem for the average consumer already struggling with debts.
Simon Burgess, the Managing Director of British Insurance, stated: "Ongoing interest rate rises coupled with first-time buyers struggling to get a foothold on the property ladder means that you would hope that lenders would be more sympathetic to the needs of their customers and help them protect their mortgage payments with affordable cover. However, they take advantage of the consumers’ vulnerability. I urge consumers to check what they are paying. After all, all of us shop around for our car and home insurance, so why not our mortgage protection insurance ?"
Shopping around for mortgage payment protection insurance quotes is not only sensible, but essential as well these days. The poor value of some policies is costing the consumer money that he or she can ill afford. By obtaining quotes, the consumer can see exactly what is on offer for the premium and choose what he or she can afford accordingly.
