The average mortgage borrower can save over £2,300 during the lifetime of their mortgage if they switch their mortgage payment protection insurance (MPPI) away from their lender, according to a survey by MPPI provider DBS.

Comparing the MPPI policies of the top UK lenders, it found the average MPPI to be £5.84 per £100 of monthly cover. This compared with an average rate of £4.19 from the leading MPPI brokers.

Mike Williams, chief executive of BIBA, said: ‘Brokers provide policies that are better in price, cover and service than lenders and are able to dovetail their MPPI into existing insurance arrangements.’