As mortgages become increasingly flexible and more borrowers switch between lenders, Kirstie Redford asks if there is a need for more portability in the MPPI market?
The need to raise standards in the mortgage payment protection insurance (MPPI) market has not been overlooked by industry regulators. New benchmarks were introduced in July 2000 in a joint initiative by the Government, the Association of British Insurers (ABI) and the Council of Mortgage Lenders (CML) in a bid to increase confidence in products. It worked and a significant increase in the take-up of MPPI was recorded following widespread product relaunches. Now the dust has settled since this last initiative, there are whispers in the industry that more standardisation is needed. With re...
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