For the remaining eight million householders, this new policy could help keep the roof over their head as the fear of impending redundancies becomes reality for an increasing number of the country's workforce.
The new scheme not only guarantees savings to homeowners of an average 33% on monthly premiums, (see comparison chart below) but also offers a wide range of benefits, which conventional mortgage lenders, such as high street banks and building societies, cannot rival. These include:
· three months' FREE cover to all policyholders
· Back-to-day-one cover (i.e. no excess period. Many policies will not pay during the first 30, 60 or even 90 days of sickness or unemployment)
· No premium loading regardless of age, gender, occupation and smoking habits
· Free transfer and immediate cover for clients who switch from another insurer
Commenting on the policy, Richard Brown, MD of moneynet.co.uk said: "With free policy transfer, three months free cover, wide acceptance criteria, together with the back-to-day-one cover and low cost, our mortgage protection policy represents the finest value for money for virtually all mortgage borrowers.
"Not only will policyholders get the widest possible cover, but they can also save thousands of pounds over the period of their mortgage. In total, we calculate that the average borrower taking out a policy to cover £500 of monthly repayments can save up to £5,000 over the life of a policy.
"With redundancies continuing to threaten, its more important than ever that homeowners protect their mortgage payments with the best value cover available."
