Research into non-transferable MPPI

This is because their Mortgage Payment Protection Insurance (MPPI) policies are non-transferable between lenders and contain pre-existing medical exclusion clauses that will exclude medical conditions that exist or have occurred within 12 months of the start date of their policy.

Accordingly, anyone with a pre-existing condition is seriously prejudiced said spokeswoman Sara-Ann Rosamond: “It’s outrageous that lenders’ policies are non-transferable between mortgage providers. I believe the only reason for this is to tie their most vulnerable borrowers into financial arrangements that often offer poor value for money.”

In comparison, all independent MPPI providers offer policies that are fully portable between lenders. Consequently, it would be irrelevant if a borrower with a medical condition wished to change mortgage provider as their condition would not be a pre-existing condition since their policy follows them throughout their working life, irrespective of whom they borrow money from.