Abbey free mortgage payment protection offered

Abbey has announced it will be offering three months' free mortgage payment protection for all new applications from September 5th until the end of 2005.

The offer comes on the back of research stating that only one in five UK adults have protected their mortgage payments in case of accident, sickness or unemployment.

Lloyd Wilson, head of insurance marketing at Abbey, said: "At a time when people may be thinking about their mortgage options because of the recent rate cuts, they should also give some thought to protecting themselves against any unforeseen changes in their lives."

Other special features of Abbey's Paymentcare include that the cover starts from the time of exchange of contracts rather than on completion and is also available to the self-employed and those working on contracts.

Britons are thus urged to shop around for good-value mortgage protection as it can save people from greater financial difficulties in the future.