As from 8.00pm tonight Halifax is withdrawing all combinations of this product from sale by the broker market.
A spokeswoman for Halifax, says: “Mortgage payment protection insurance is a valuable product which offers peace of mind and protection to consumers if their circumstances change and they become unexpectedly sick or unemployed.
“The majority of the MPPI polices we sell through our retail network are to existing mortgage customers.
“By lending and offering protection to these customers we have a deeper understanding of their financial circumstances. This means that we are able to offer competitive rates and premiums, which are fairly priced according to individual risk.
“Customers who wish to purchase MPPI can do so through our network of branches, however, from today we will no longer offer this product through the intermediary market reflecting our approach to the assessment of individual risk.
“The decision to make changes to our product range is not taken lightly and has only been made after all other options were explored. Today’s decision reflects similar changes made by our competitors and is part of our ongoing review to ensure the products we offer are in line with the market.”