If you are considering buying a mortgage cover UK policy, then do bear in mind that the mortgage payment protection insurance (MPPI) that is usually offered by the high street banks and lenders at the time of taking out the loan is often dearest option. As Simon Burgess from standalone provider British Insurance recently highlighted, the high street names make some £5.5 billion profits each year selling this cover alongside borrowing. And this amount is mainly made up of consumers’ hard earned cash - as Simon says: “It’s a disgrace”.

Simon is a staunch campaigner for consumer rights when it comes to the selling of protection insurance and regularly highlights how consumers need to look at all their options before buying mortgage cover.

He urges homeowners and homebuyers to “choose a mortgage payment insurance policy that represents first-class value for money both in the premiums on offer and the protection provided.”
This can be done by shopping around for the cover. It is not a compulsory product and you do not have to take it when you get your mortgage – even if the lender tries to pressurise you in to taking their product.
To get the best quality mortgage protection insurance for your circumstances getting quotes and buying with a specialist provider is imperative. A specialist protection insurance provider, such as British Insurance, is able to back up the products they sell with knowledge about them. And as they specialise in them, the staff selling the products are well trained. This helps greatly to ensure that the individual buys a policy that is suitable for their needs.

You might think that protection insurance is an expense you can do without. Or maybe you have saved to cover your mortgage repayments for a couple of months. Savings could possibly get you by in the short term. However, if you remained unfit or unemployed for any length of time they would soon disappear. Your savings will soon run out and relying on the State for financial assistance can be a letdown if you somehow lose your job or otherwise are unable to work.

A mortgage cover UK policy will help ease any financial distress should you lose your income due to redundancy, illness or accident. However, you do need to choose it wisely. By going with a standalone provider such as the ethical British Insurance, for your mortgage protection insurance, you can save around 40% on the cost, compared to those on the high street.

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