Mortgage Protection Insurance

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Ticking the box could be an expensive mistake

Many lenders offer mortgage protection insurance, but you might not be getting the best deal. Premiums and levels of cover vary dramatically between different insurers, and you don't have to go for your lender's own insurance package. It pays to shop around.

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Borrowers spend a great deal of time comparing APRs, arrangement fees and penalty fees, but when it comes to mortgage protection insurance they simply tick "yes" and take the lender's recommended package. That's good news for the lender but it could be bad news for you, because there are big differences between insurers.

Depending on who you sign up with, you could be paying as much as £7 per month per £100 of cover, so if your monthly mortgage payment is £750 then your mortgage protection insurance will set you back £52.50, or £630 per year. Other insurers offer much lower premiums under £3 per £100 is possible and the same protection could cost as little as £29, or £348 per year. It's a big difference.

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