Personal Finance: Loose Change
Saturday 20 November 1999
THE AVERAGE mortgage borrower can save pounds 1,500 (pounds 60 a year) over the lifetime of their mortgage if they switch their mortgage payment protection insurance (MPPI) away from their bank or building society lender, a new survey by Insurance Times has discovered. It found that lenders charged on average a pounds 1 per pounds 100 cover more than brokers. Simon Burgess of brokers Goodfellows, which came top in the survey, with a premium of pounds 4.40 per pounds 100 of cover, said: "Lenders are creaming the public for every penny they can get." The lenders who came out worst were Abbey National, Barclays, HSBC, Co-Op and the Woolwich.
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