Shop around when it comes to getting cheap mortgage protection insurance

When it comes to getting cheap mortgage protection insurance you have to shop around, this is what Managing Director Simon Burgess of standalone and ethical payment protection specialist British Insurance warns consumers. But with banks and lenders seemingly having a stranglehold on the market, it can be difficult knowing where to get cheap mortgage protection insurance.

Surprisingly, the majority of mortgage payment protection insurance policies are taken out alongside and at the same time as the mortgage. Banks and lenders are notorious for over charging on the premiums for mortgage protection and the only way to get cheap mortgage protection insurance is to go with a protection specialist such as British Insurance.

Mortgage payment protection insurance will act as a safety net to ensure you can carry on paying your monthly mortgage repayments should you find yourself out of work through accident, sickness or unemployment. Cover will normally pay out for up to 12 months and, with independent mortgage protection from British Insurance and unlike some other providers, is dated back to day one after you have been out for work for 30 days. However, unless you know of independent mortgage protection insurance providers like British Insurance, cheap mortgage payment protection insurance can be hard to come by.

Currently there is an ongoing investigation into the high premiums and mis-selling of payment protection and it is hoped that in the future cheap mortgage protection insurance will be more wide spread.

The majority of those financial organisations having already been fined by the Financial Services Authority for sloppy sales practices include the big high street names such as Capital One bank. Along with high premiums they have found to mis-sell policies which people cannot possibly hope to claim on. Simon welcomes the investigation and the changes it should bring in the future but, outside those offered by his company, for now cheap mortgage protection insurance is sadly still a rarity.