More than two million UK homeowners could save £6bn by switching their mortgage payment protection insurance (MPPI) from traditional mortgage lenders to independent providers, according to research by Goodfellows brokers.
It believes that switching to insurance like its mortgageSAFETYNET product could save clients money.
In a study comparing the average cost the Goodfellows MPPI policy with those of the UK's top ten mortgage lenders over 25 years, the results showed an average saving of £2,775 per person.
Managing director Simon Burgess said: "For far too long mortgage lenders have been ripping off their borrowers. By simply seeking independent advice mortgage borrowers can save literally thousands of pounds over the lifetime of a mortgage."
