The average home-buyer could save £2,500 over the lifetime of their mortgage if they switch mortgage payment protection insurance (MPPI) away from their lender.

A survey conducted on behalf of Goodfellows compared the MPPI policies of the top ten UK lenders and found the average monthly repayment on a £75,000 mortgage to be £479 and the average MPPI rate to be £6.04 per £100 of monthly cover.

Over 25 years this represents a total MPPI cost of £8,679. This compares with an average rate from the top ten MPPI brokers (by sales volume) of just £6,165.