Borrowers can get back-to-day-one cover, six months free cover for new borrowers and three months for existing borrowers, payable benefits over one or two years, premium waiver during a claim and full portability.
Brokers will receive commission of 25 per cent, payable immediately after completion, which can be paid either monthly or by annual indemnity.
Ted York, managing partner at Berkeley Alexander, said: "This is clearly a win-win situation for both consumer and broker and fulfils the government’s manifesto commitment of improving the sustainability of home ownership through better mortgage protection.
The product is available in a standardised format or as a branded scheme for corporate groups.
