Paymentshield extends cover

Paymentshield is offering standalone mortgage payment protection insurance to existing customers again.

The firm has launched MortgageProtector Solo for existing borrowers, meaning MPPI is once more available for both new and existing clients.

Previously, Paymentshield offered MPPI to new borrowers or remortgage customers through its existing underwriter but joined forces with Cardif Pinnacle to offer the new deal.

Sandy McPherson, head of marketing at Paymentshield, says: “It’s no secret that due to the current economic climate some providers have decided that MPPI is a sector that they don’t want to be in.

“But we recognise that it’s in un-certain times that consumers most need insurance so we are delighted to be able to offer this deal.”

Danny Lovey, proprietor of The Mortgage Practitioner, says: “There has been illiquidity in the MPPI market so any providers getting back into it must be welcomed.”