Simon Burgess to offer loans with free IP

Published on

income-protection

In response to calls from the Archbishop of Canterbury, Justin Welby, for those within the financial services sector to take a more ethical approach to loans and protect the most vulnerable in society, protection stalwart Simon Burgess is planning to release £50m of his own funds to provide loans with free income protection.

The money will be made available online via British Loans Limited – a wholly-owned subsidiary of his existing income protection firm, British Money Limited.

Burgess claimed that borrowers will be offered a “competitive” APR and the cost of the additional Defaqto-rated five star cover will be absorbed by Burgess out of his profit margins.

He said: “I’m currently sorting out the access to funding issues and developing the website, but when complete, this will be a huge leap forward in addressing calls for greater financial inclusion in an ethical manner, whilst giving borrowers peace of mind their loan is automatically covered. I urge other lenders to follow suit.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

PropEco launches audit tool to tackle widespread EPC errors

PropEco has launched an EPC Audit tool designed to identify and correct errors in...

Antiquated homebuying system costs UK economy £1.5bn a year

The UK’s outdated homebuying process is draining at least £1.5 billion annually from consumers...

LSL’s Financial Services arm drives growth in first-half results

LSL Property Services has reported steady first-half results, with its Financial Services division continuing...

Market Financial Solutions launches ‘Fusion Premier’ range for portfolio landlords

Market Financial Solutions has launched a new ‘Fusion Premier’ range, designed to allow large...

Self-employed workers would switch to a salaried job to get a mortgage

The majority of self-employed workers would switch to a salaried job to get a...

Latest publication

Other news

PropEco launches audit tool to tackle widespread EPC errors

PropEco has launched an EPC Audit tool designed to identify and correct errors in...

Antiquated homebuying system costs UK economy £1.5bn a year

The UK’s outdated homebuying process is draining at least £1.5 billion annually from consumers...

LSL’s Financial Services arm drives growth in first-half results

LSL Property Services has reported steady first-half results, with its Financial Services division continuing...