A de-linked mortgage payment protection insurance product has been launched by MPPI specialist Genworth Financial and broker John Charcol.
The pair claim the product is 37 per cent cheaper than the market average, while pay-outs are also backdated to the first day of the claim following a waiting period of 30 days unlike the majority of products offered by lenders.
The Association of Mortgage Intermediaries has long called for products to be de-linked so that they are sold separately from the mortgage.
Genworth regional manager for Western Europe David Lane says: We are confident that the new MPPI product provides market leading features for consumers at a highly competitive price and are delighted to be linking up with Charcol.
John Charcol managing director Peter Barrett says: Crucially, the product is transparent and fully embraces the Treating Customers Fairly initiative.