There is always the right way and easy way to do things in life. Then there is the wrong way and the hard way and when it comes to purchasing your mortgage insurance, this is no exception. Sadly, the majority of people who buy mortgage protection do things the wrong way; these people purchase their mortgage insurance alongside their loan from the high street lender or their bank. Now if you were to go about things the right and easy way then you would go shop around and go to an independent specialist for your mortgage insurance.
An independent specialist can in most cases offer you cheaper premiums for your cover while making sure that you understand what the policy entails. And as a standalone provider usually just specialises in payment protection insurance, they can give you the best information and point you in the right direction.
Another factor is that sadly the majority of those who buy their policy from the high street lender do so through ignorance – they simply dont know they can go independently for the cover.
Mortgage payment protection insurance (MPPI) is purchased in order to protect your monthly mortgage outgoings, as these will be...