Look beyond bank to get better deal on mortgage cover

BORROWERS taking out a home loan should look beyond their bank to get a better deal on mortgage protection insurance, the financial watchdog said yesterday.

The Irish Financial Services Regulatory Authority said borrowers could usually get better value and more attractive terms by seeking mortgage cover elsewhere.

IFSRA’s claim came in the latest in its series of consumer-friendly guides to explain financial products. The guide published yesterday deals with life insurance and aims to help readers decide whether they need life insurance, how much cover they should take out, and who should benefit from such a policy.