Insuring you make saving
MIDDLESBROUGH EVENING GAZETTE - 13TH JANUARY 2002
The average mortgage borrower can save £1,500 over the lifetime of their mortgage if they switch their mortgage protection insurance away from their lender, a new survey reveals.
A comprehensive survey of nearly 40 lenders and brokers found the average cost from a lender to be £5.95 per £100 of cover, compared to an average of £4.95 form the broker market.
Over 25 years this represents a saving of £1,500 on an average mortgage of £500 per month.
The survey was conducted by a combined government, Association of British Insurers and Council of Mortgage Lenders group.
Simon Burgess, managing partner of Burgesses which cam top in the Insurance Times survey with a premium of just £4.40 per £100 (a saving of £2,325 on an average mortgage) says: “The survey reveals the scandalous truth that lenders are creaming the public for every penny they can get.”
