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£6bn wasted by mortgage customers says Goodfellows

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&#39s 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.”

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