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Mortgage Payment Protection Insurance

Mortgage Payment Protection Insurance is the form of PPI sold exclusively alongside mortgages. As with other types of PPI the cover insures the mortgage holder against loss of unemployment as a result of sickness, accident or redundancy. It has been widely sold with many customers regarding it as a vital safety net when purchasing a home.

The cost of Mortgage Payment Protection Insurance normally directly relates to the size of your monthly mortgage repayments. Typically, a policy costs in the region of £3-£7 per £100. This means if your repayment is £1,000 per month you may pay between £30.00 and £70.00 per month. This equates to between £360.00 and £840.00 per year.

Mortgage Payment Protection Insurance is often seen as less controversial than some other forms of PPI, but it still may only provide limited value for money and cheaper options after often available. A Competition Commission survey in 2008 found that just 25% of customers who tried to use their cover received a payout and lenders have been criticised for not making customers aware the cover can be purchased elsewhere.

As with other forms of PPI, Mortgage Payment Protection Insurance has been mis-sold in the past. If you feel you were sold a policy you didn’t want, need or were ineligible to use, complete our quick claim form today.