Specialist MPPI provider British Insurance estimate that homeowners could be paying as much as £10,000 over the odds by choosing MPPI from their high street lender. The following examples are satisfied customers who searched for an mortgage payment protection insurance quote and saved money on their policy.
Shaun and Laura Creedon, both 29, thought their premiums of £32.40 per month were too high. The cover, provided by the Royal Bank of Scotland who suggested that the couple took out mortgage payment protection insurance, came with a 60-day excess. The couple have a mortgage of £80,000. They found a quote online for cover costing just £10.80 per month, without the excess. Shaun commented: “It was better cover and cheaper, so we took it.”
Ros Harper, an information analyst, was paying £40 per month with HSBC. After shopping around, she found cover for just £26 per month. Her MPPI policy with HSBC did not cover the first 60 days following a claim, whereas the policy she took out with specialist provider British Insurance did, as well as saving her £14 per month!
Lisa and Kyle Nicholls are another couple who have saved by trying a quote with British Insurance. Lisa, 24, and Kyle, 21, took out MPPI because they used all of their savings to buy a house. Lisa explained about their decision to shop around: ‘Our mortgage is with Halifax and the policy we were offered with them did not pay out for the first two months and would have cost us £32 per month.’ They found British Insurance and got a policy for £19.75 a month.
Poppy Green, 18, and her boyfriend Adam took out an MPPI policy when they bought a house together. They were offered cover by Halifax , at around £57 per month. Turning it down, they sought a quote, and now pay £36 per month on their £987 mortgage repayments on a £125,000 mortgage.
When banks and lenders talk about peace of mind, and the risk of losing your home, taking out a mortgage payment protection insurance policy seems compulsory. Thousands of people are paying way over the odds, many without realising it.
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