Brokers undercut lenders by £60 pa on mortgage payment protection insurance
HEALTH CARE INSURANCE REPORT - 1ST MARCH 2003
Buying mortgage payment protection insurance through a broker rather than from a mortgage lenders saves the average borrower £60 a year a survey by Insurance Times has found. The survey looked at nearly 40 products and found that the cheapest rate was from underwriting agency Burgesses, which offered a rate of £4.40% compared to £5.75% at Woolwich and £6.04% at Abbey National.
Simon Burgess, managing partner or Burgesses said: “The survey reveals the scandalous truth that lenders are creaming the public for every penny they can get. But contrast Burgesses offers good value because we only take 10% in commission instead of the 50% that is normal for lenders.”
