Cheltenham & Gloucester has hit back at claims by Britishinsurance.com that it is ripping off customers with its mortgage payment protection insurance.Research by Britishinsurance.com names C&G as being the lender with the highest charge for MPPI. Simon Burgess, managing director of Britishinsurance.com, says: “Our research shows that consumers insuring an average monthly mortgage payment of 604 could save some 3,316 over the lifetime of a 25-year mortgage. The most expensive lender is profiteering by 6,795 and even the cheapest results in consumers overspending by 1,722.” Burgess says his firm supports the Office of Fair Trading’s call for high street firms to stop exploiting customers and has launched its own MPPI insurance product to combat this. He says one of the advantages of this product is that it has tax-free claims benefits payable from day one, instead of being subject to the usually 60-day excess period. The firm names itself along with NatWest and Alliance & Leicester as having the lowest charges. But Sacha Hardy, spokeswoman for C&G, disputes this and says: “C&G’s Pay- ment Protection Plus product is designed to provide a high level of benefit to customers when they need it most. “Unfortunately, price comparisons by Britishinsurance.com are not on a like for like basis as the additional cash sum automatically payable under the C&G policy is not considered when calculating competitor premiums.” She adds: “It is also important to note that the C&G PPP policy premium is calculated as 50p per 1,000 borrowed. This method of calculation tends to be linked to the monthly benefit amount – pounds per 100 of monthly mortgage repayment. The advantage the C&G policy gives customers is that when interest rates rise, the MPPI premium doesn’t.”
Name and address supplied Peter Mounty, you are a star. Your exhortation for 2006 (Mortgage Strategy January 16) should be framed above the desk of every person in the mortgage business. Your plea is that all in the industry lighten up and have more fun. Only Shakespeare could have put it better. (For those of […]
Spicerhaart says first-time buyers look set to benefit with considerable cost savings with the introduction of Home Information Packs in June 2007. Despite first-time buyer levels falling below 30% in 2005 from a high of 45% in 2000, Spicerhaart estimates a 15% increase of sales transactions once HIPs come into play. Upon putting a house […]
Figures released by the Home Office on recorded crime have shown an increase in the number of street robberies between July and September last year. Vicky Emmott, senior underwriting manager at Halifax Home Insurance, says: These trends are reinforced by Halifax Home Insurance claims data which shows a 13% increase in theft claims for items […]
em- reports a good response from the Scottish broker community following the announcement of dates for its roadshow programme. Taking place at the Crutherland Hotel in East Kilbride on February 28 and the Dalmahoy Country Club in Edinburgh on March 1, the roadshows will present information to help brokers with their everyday business.
The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.
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