If you shop around for mortgage payment protection insurance, you can get it for much less money than you would if you get it through the high street lender who holds your mortgage. You don’t have to take the cover for mortgage payment protection insurance out with your mortgage, even though many high street lenders will not tell you this fact. In most cases, it is going to be much less expensive for you to get your mortgage payment protection insurance from a specialist in this area, not your high street lender.
Recently, high street lenders have gained great scrutiny from that Financial Services Authority because of the way they have been selling insurance. Premiums were found to be much higher than they should have been. In addition, consumers are generally given very little information from these lenders. This has led to an unfortunate and unfair situation; many consumers can’t actually hope to make a claim against the policy, even though this is exactly what they’re paying for and at an extraordinarily high fee.
Fortunately, high street banks and lenders no longer monopolise the payment protection insurance marketplace. If you shop around, you can get much cheaper mortgage protection insurance than you have been able to previously.
Now, you can buy inexpensive mortgage payment protection insurance from an independent, standalone company such as the highly ethical British Insurance. Simon Burgess, Managing Director of British Insurance, is very outspoken about the poor quality of the policies and dishonest treatment of consumers by high street lenders. Because the British Insurance only sells inexpensive mortgage protection insurance and nothing else, you can be sure that you’re getting not only the cover you need, but very inexpensively and with all fine points of the policy explained to you.