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Sick borrowers tied in to poor deals

New research by online protection website shows that mortgage borrowers with pre-existing medical conditions are often tied in to unsuitable and expensive mortgage and insurance deals.

These borrowers are trapped because their Mortgage Payment Protection Insurance policies are non-transferable between lenders and contain pre-existing medical exclusion clauses that exclude medical conditions that exist or have occurred within 12 months of the start date of their policy.

Goodinsurance spokeswoman Sara-Ann Rosamond says: “It&#39s outrageous that lenders&#39 policies are non-transferable between mortgage providers. I believe the only reason for this is to tie their most vulnerable borrowers into financial arrangements that often offer poor value for money.”

By contrast, all independent MPPI providers offer policies that are fully portable between lenders.


KMC stays on track to meet profit target

A broadened product range has put Kensington Mortgages on track to meet growth expectations this year, despite operating less generous lending policies than some competitors, writes Harriet Williams.In a briefing issued before the official close of the Kensington business year ending November 30, the lender reports that “profit growth is on track”.Kensington has widened its […]

CA raps FSA over statutory failure to help endowment holders

The Consumers&#39 Association has lodged a complaint with the Treasury, accusing the FSA of failing in its statutory objectives of promoting public understanding and securing consumer protection during its handling of the endowment crisis. The CA is also calling on the Treasury to intervene and establish an independent review. The complaint follows the launch of […]

Charcol offers exclusive flexible discount tracker

Charcol is highlighting the appeal of tracker mortgages by offering borrowers an exclusive market-leading flexible tracker mortgage. The rate is Bank Base Rate minus 0.8% until February 29, 2004, giving a current payrate of 3.20% (5.1% APR), followed by Bank Base Rate + 0.4% to February 28, 2006. The average rate over the period, assuming […]

E-soliciting expands to serve solicitors

Solicitors across the North and the Midlands can now take advantage of the UK&#39s fastest local search service that is being extended across the UK. e-conveyancing system ONESEARCH Direct contains electronic information about all properties within the areas and will provide solicitors with local search information in five days for a flat fee of £100. […]

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


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