Berkeley Alexander has launched a mortgage payment protection insurance policy called Mortgagesafe.

The policy offers six months' free cover for new mortgage borrowers and three months' cover for those with an existing mortgage.

Mortgagesafe is available to borrowers aged 18 to 65 irrespective of occupation, providing the policyholder works at least 16 hours a week and is resident in the UK. Benefits are payable for either one or two years.