British consumers could save thousands of pounds on their mortgage payment protection insurance (PPI) if they undertook more research, according to financial experts.
But millions of homebuyers do not and just sign up to the policy that their mortgage lender offers them because they think it saves time.
"By the time they've been through their mortgage application process – which can be a lengthy ordeal, following increased regulatory requirements – clients may be tempted to sign up to the lender's own policy, just to save time," said Rachel McKay, mortgage analyst from financial comparison website Moneyfacts.
However, Ms McKay urges customers to shop around for mortgage payment protection insurance cover direct or through an independent financial advisor.
"By spending a little at the mortgage application stage, they can save themselves a significant sum in the longer term," she said.
The Moneyfacts expert pointed to the fact that there are a number of independent sources that are offering a wider variety of cheaper products, which could save the borrower thousands of pounds.To read more about Mortgages, click here.
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