It may surprise you to know that the majority of mortgage payment protection insurance policies are taken out along with homeowners' mortgages. Banks and lenders very often overcharge on mortgage protection premiums. Therefore, the best way to get cheap mortgage protection insurance is to buy separately. It is best to buy mortgage protection insurance from a protection specialist such as British Insurance.

Mortgage payment protection insurance provides you the protection you need to help ensure that you can continue to pay your monthly mortgage repayments if you find yourself out of work. This could happen through accident, illness or unemployment. Your coverage will normally last for up to 12 months. With British Insurance, coverage is also retroactive for up to 30 days prior to initial start of coverage, if coverage does not start immediately after you cease working. You should know that cheap mortgage payment protection insurance can be difficult to find if you don't know about standalone providers like British Insurance.

The FSA is currently investigating the cause of the high premiums and mis-selling of payment protection. In the future, it is hoped that inexpensive mortgage protection insurance will be more readily available.

Many financial organisations have already been fined by the Financial Services Authority because of unethical sales practices. These include such businesses as Capital One Bank. In addition to charging high premiums, these companies have been found to sell policies that people will not be able to file claims on. Simon Burgess of British Insurance has lauded this investigation and the changes it will likely bring in the future. However, for the time being, inexpensive mortgage protection insurance is still a rarity for companies other than British Insurance.