Goodfellows has brought in a revamped version of securityfirst.co.uk, a mortgage payment protection insurance plan.
The product is only available online and the cost has been revised by the company. After a free cover period of three months securityfirst.co.uk offers accident sickness and unemployment sickness (ASU) cover of £3.75 for every £100 of mortgage cover.
A joint report issued in May 2000 by the Council of Mortgage Lenders and the Association of British Insurers stated that the average cost of ASU was £5.50 for every £100 of mortgage cover.
Securityfirst.co.uk is able to offer a low rate because it does not offer commission to independent financial advisers (IFAs), the company says it is intended to be used as a marketing tool to help IFAs to sell mortgages.
The next cheapest products on the market is mortgage payment protection insurance from Marks & Spencer, which offers ASU cover of £4 for every £100 of mortgage cover and Safetyfirst from Berkeley Alexander, which offers ASU cover of £4.45 for every £100 of mortgage cover.