Homeowners are being overcharged by £6bn on their mortgage payment protection insurance according to research from provider Goodfellows.
It says the money could be saved by the UK's 2m mortgage borrowers by switching their MPPI coverage from a traditional lender to an independent provider.
The average monthly premiums from 10 of the largest high street lenders is £5.80 says Goodfellows while the premium on its own Mortgage Safety Net product is £3.95.
Goodfellows managing director Simon Burgess says: “For far too long mortgage lenders have been ripping off their borrowers. By simply seeking independent advice mortgage borrowers can save literally thousands of pounds over the lifetime of a mortgage.”