Mortgage lenders fail to offer protection

Chris Wheal
Updated

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Nearly half of mortgage lenders are failing to offer mortgage protection insurance, British Money director Simon Burgess has claimed.

A survey of 1000 new mortgage borrowers found that 46% said the cover was not offered at all.

The research by online market research firm Usurv, found that 27% of borrowers thought the cover unnecessary as the benefits system would protect them if they lost their job. Some 24% would never buy the product as it has a tarnished reputation. The remaining 3% purchased cover.

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