Red House is open for business
MORTGAGE ADVISER - 5TH SEPTEMBER 2007
British Insurance has launched a product called Red House mortgage payment protection insurance.
According to British Insurance it is the cheapest mortgage payment protection insurance available in the UK. Cover is available from £1.95 for £100 of benefit, so a client paying a mortgage of £1000 a month will be covered for £19.50.
The insurer is also the latest provider to suggest high street providers have given protection insurance a bad reputation.
Simon Burgess, managing director of British Insurance, said: “In treating mortgage payment protection insurance as nothing more than a cash cow, providers have ignored its value as a risk management tool that can protect borrowers and lenders from the problems created by accidents, sickness and unemployment.
“The casual sales approach and high margins associated with mortgage payment protection insurance have devalued its reputation and mean few are realising its potential.
“Anyone who has a job and has a mortgage needs this kind of protection and the key is to get proper cover from an independent provider.
“Our product has flexibility and is competitive in price without cutting corners with the level of cover.”
