MarketGuard launches Interest Rate Insurance

Commenting on the MarketGuard Interest Rate Insurance launch, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said: "This is a well timed and innovative product that could provide many people with much needed protection and peace of mind. For financially stretched borrowers any protection from heavily increased mortgage outgoings could be crucial.

"However, I suspect the cost of taking out MarketGuard might dissuade many Brits. Families already suffering from the spiralling cost of living are unlikely to want to spend extra money each month, even thought it could save them cash in the long run.

"People should weigh up the cost of the product versus the likelihood of being hit with increased mortgage repayments and work out when they may be better off. This product won't suit everyone, but for those who can't afford to weather further increases to their mortgage payments it is worth considering."