According to a recent survey, mortgage lenders have overcharged by more than £8bn over a 25-year period for excessively expensive payment insurance.
The survey of 10 mortgage lenders found that, on average, £5.78 was charged to cover each £100 of monthly repayments. The company that undertook the survey stated that the same cover was available for about £3.95 for each £100.
Our View
Apathy can be very expensive. With the number of tools and companies around, the ability to shop around and get a better deal is fairly easy and not time consuming. Providers are always competing for customers to take out insurance policies, be they for life insurance, mortgages, loan protection or to protect against accident, sickness and unemployment.
Shop Around and Cut Your Costs: Try our free mortgage deal search. Could you save money on your home insurance? Get a quotation now.
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Learn more about mortgages and related protection products in our Mortgage Crazy.com sites.
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