Warning on Mortgage Payment Protection Insurance
HEALTH INSURANCE - 1ST MAY 2004
Thousands of people with mortgages have pre-existing medical conditions have found they are trapped in unsuitable and often very expensive mortgage payment protection insurance policies. Research by Burgesses showed that unsuspecting borrowers are tied to deals because mortgage payment protection policies are non-transferable between other lenders. Spokesman Simon Burgess said: “It’s a shocking and outrageous reality and it ties the most vulnerable borrowers into financial arrangements that are poor value. The Key is to buy a portable policy at the outset so they can change mortgage provider.”
