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Lenders rapped on MPPI

Borrowers can save £1,500 over the lifetime of their mortgage by moving their mortgage payment protection ins-urance away from their lender, claims a survey.

Goodfellows Group found the average cost for the insurance from a lender is £5.06 per £100 of cover. This compares with an average of £4.95 from the broker market. Over a period of 25 years, this amounts to a saving of £1,500 on an average mortgage of £500 a month.

Mortgage expert Monty Burn says: “Brokers provide policies that are better in price, cover, accessibility and service than the lenders and can dovetail the cover easily with clients&#39 other arrangements to avoid duplication and unnecessary additional cost.”

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