Halifax has launched a mortgage protection product offering accident, sickness, unemployment, critical illness and life cover.

The Total Mortgage Protection Plan (TMPP) is designed to meet the needs of borrowers outlined by the Social Security Select Committee and the Council of Mortgage Lenders.

The select committee was alarmed to find that only 25% of homeowners had mortgage payment protection insurance.

Borrowers, who will not have to submit to a medical, will be able to take out up to TMPP three covers according to their needs, and they can add or remove covers without a fee as they require. They will also be able to take the product with them if they change their mortgage or move house.