Annual statements for Mortgage Payment Protection Insurance issued by banks and building societies with expose how expensive they are compared to the on-line specialists. By switching providers consumers can save £500 or more.
Winchester, Hampshire (PRWEB UK) 3 December 2012
Because of the high level of commission built into the premiums charged by the banks and other big high street brands, buying direct from specialist providers offers a massive saving. In the mortgage insurance buyers guide published by Money Saving Expert it quotes an average £500 per annum saving. One of the most competitive is on-line specialist i:protectinsurance.co.uk who are promoting their market beating rates to attract customers switching from banks and building societies.
By 7th April 2013, everyone with a monthly paid Mortgage Payment Protection Insurance policy, will have received a letter from their provider (mostly banks and building societies) containing an annual statement of how much they pay for this cover. This is at the insistence of the FSA. What these letters will not say is that the same cover is available elsewhere at a fraction of the cost.
Dennis Haggerty, marketing manager of iprotectinsurance.co.uk commented, “For many years people have paid for their mortgage insurance along with their mortgage. Every month a single direct debit is taken, yet many homeowners have little idea of the spilt between their mortgage repayment and mortgage insurance premium. Their annual statements will expose the full price of this cover and 5 minutes on-line will show the huge savings that are available. It will look like a Mortgage Payment Protection price crash.”
The Money Advice Service used to issue comprehensive premium comparison information for mortgage insurance and other types of payment protection. However these tables have been withdrawn. Therefore i:protect have produced a ‘best of the best’ price comparison table for the most popular type of Mortgage Payment Protection Insurance that covers an individual for up to 12 months if they are unable to work due to accident, sickness or unemployment. This type of insurance is very useful for people who have significant monthly repayments, but have limited means to pay their bills if they are out of work for two months or more.
The price differences between the amount people are paying at present for this cover compared to the price of the same insurance on-line is often quite amazing. It is an easy saving. Switching is straightforward, yet most people simply do not realise that they can. A free to download buyers guide is also provided by i:protect together with comprehensive information to enable buyers to decide if this cover is right for them.