Moneynet.co.uk, the online finance site, has launched a new mortgage payment protection insurance plan (MPPI) which pledges to guarantee homeowners savings of an average 33% on monthly premiums.
Moneynet.co.uk believes high street banks and building societies cannot rival the benefits on its online policy.
Richard Brown, managing director at 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 value for money for virtually all mortgage borrowers.’
The plan also offers no premium loadings regardless of age, gender, occupation or whether the client is a smoker.
Brown added: ‘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 the average borrower taking out a policy to more than £500 of monthly repayments can save up to £5,000 over the life of a policy.’