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Berkeley offers MPPI holiday waiver to young borrowers

Berkeley Alexander is cutting the cost of mortgage payment protection insurance for younger people in a new product offering a three-month payment waiver.

Mortgage Lifeline introduces age-banding and an initial three-month payment holiday, reducing premiums for young policyholders.

Berkeley Alexander claims that 85 per cent of people taking out an mortgage payment protection insurance policy are under 45 and says it could save a 30-year-old up to 40 per cent in premiums for 500 a month MPPI cover for a benefit period of 12 months.

The product, which is designed for intermediaries, is available to new and exist- ing mortgage borrowers and includes a 30-day excess per- iod. Commission of 27.5 per cent is payable at inception and renewal for the lifetime of the contract for e-submissions.

It will be underwritten by Genworth Financial and will accept online, paper and CD submissions of Mortgage Lifeline business.

Berkeley Alexander director Geoff Hall says: “Younger borrowers should be paying less for their MPPI policies. Our aim is to deliver better value for the younger end of the market by removing the cross-subsidy that exists across age bands in flat-rated MPPI products, together with a complete toolkit to help people get back on their feet.”

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