From the beginning of April, it will launch MortgageProtector Solo for existing borrowers, meaning MPPI will again be available for both new and existing mortgage customers.
Currently it offers MPPI to new borrowers or remortgage customers through its existing underwriter. But it has joined forces with Cardif Pinnacle to offer the product.
Sandy McPherson, head of marketing at Paymentshield, says: “It’s no secret that due to the current economic situation some providers have looked into the immediate future and decided that MPPI is a sector that they don’t want to be in.
“But we recognise that it is in uncertain times, when people most require insurance, we are delighted to be able to re-offer stand alone MPPI cover to existing borrowers through our new relationship with Cardif Pinnacle.”
Andy Swain, chief commercial officer at Cardif Pinnacle says: “We are delighted to be able to bring our product and experience to market through Paymentshield’s relationships with intermediaries and look forward to a long and mutually rewarding relationship.”
The move has been welcomed by brokers.
Danny Lovey, proprietor of the Mortgage Practitioner, says: “There has been a bit of illiquidity in that market so any thing which involves firms getting back into it has got to be welcomed.”