…and one to avoid
THE INDEPENDENT - 13TH DECEMBER 2003
Avoid Lloyds TSB’s mortgage payment protection insurance, Burgesses, the payment protection insurance broker, says. A Burgesses undercover survey of 25 mortgage lenders found “expensive and unsuitable” polices being sold, averaging 6 per cent of the mortgage value, double the rate charged by independent insurance providers.
Worst was Lloyds, quoting 7.7 per cent. None of the lenders told Burgesses they could shop around. Even worse, only one lender asked about medical history, which can mean automatic exclusion.
