FAQs

Interest Rate insurance provides protection against increases in monthly mortgage payments. If your lender’s rate and the Bank of England rate rise, we pay the difference, on the day of the month that suits you best.

Your excess is the rise in your mortgage interest rate which you have chosen not to cover. All further rises above your excess resulting from Bank of England rate rises are covered by us. There is no limit to the rises above your excess that we cover.

Also called the Bank of England Bank Rate, it is the interest rate, set by the Bank of England each month, at which it lends to financial institutions. This interest rate affects the whole economy, and changes in this rate are routinely passed on by banks and building societies to their mortgage customers.

MarketGuard is authorized and regulated by the Gibraltar Financial Services Commission and by the Financial Services Authority in relation to regulated activities in the UK. It is a member of the Association of British Insurers and the Financial Ombudsman Service and all policies are covered by the Financial Services Compensation Scheme. MarketGuard Insurance Company is licensed by the Office of Fair Trading (OFT) as a credit broker, number 621047.

Our economy is unpredictable. If you are worried about the effects on your finances of rises in your monthly mortgage payments, MarketGuard Interest rate insurance can give you some control over the amount of the rise you will have to bear. Whether you need cover depends on your individual circumstances. We cannot advise individual policyholders on the suitability of our policy.

We can only cover Standard Variable Rate or Trackers or fixed rate deals with less than 3 months to run.

Most UK residents with a variable rate (including tracker) mortgage will be eligible for a MarketGuard policy as well as holders of a fixed rate mortgage who have 3 months or less to run. There are a few other circumstances we don't cover, so check our Policy Summary before you apply.

You don't! MarketGuard continuously monitors your policy. We work out what we owe you under it for each day. We then pay the amount for each day in any month automatically to your bank account on the day of the month that suits you the best.

Claims are paid automatically to your bank account on the date you specified in your application form.

No.

All policies last for two years. You can then renew your policy if you want to and you are still eligible.

You need to tell us because we need to be able to contact you when claims are due and to make sure we pay your claims monies into the right account. It may not affect the insurance you have taken. Of course, if you move house you might change your mortgage too, which you also need to tell us (see the next question). If you change your bank account details and you opted to pay your premium in instalments you also have to inform RBS Finsure of the change. You can contact RBS Finsure on 0845 608 0040.

You need to tell us. Many changes require a simple amendment to the policy but like all insurances some may affect the payout you are entitled to receive or even whether you have an eligible claim at all. If you give us all the details we need, we can check the policy still covers you and make any other necessary changes. We have to make sure we never pay you more than the losses the policy is designed to cover.

We accept payment from credit cards (Visa or Mastercard) or debit cards. You can also pay by Direct Debit instalments, if you choose this method a 30% deposit will be taken from a credit or debit card. Credit is provided by RBS Finsure Limited. Typical APR 14.9%

You may be eligible to pay by instalments, subject to acceptance by RBS Finsure. If you choose this option there will be an initial 30% deposit. The balance will then be payable over 10 monthly instalments. Typical APR 14.9%

The Royal Bank of Scotland Group's premium finance provider RBS Finsure. RBS Finsure is one of the UK's leading providers of premium finance.

The typical APR is 14.9%

Your credit agreement would be with RBS Finsure.

RBS Finsure is The Royal Bank of Scotland Group's premium finance provider

You can cancel your policy within 14 days. If you do, we will charge you an amount of up to 30% of policy premium to reflect our administration costs and expenses in providing you with cover between the date your policy started and the date of cancellation. After 14 days the policy has no cash-in value. So if you choose to cancel it, or if you change your mortgage so you are no longer eligible, we will cancel the policy, but you won't get any money back. When you cancel your policy with MarketGuard you also have to cancel your credit agreement with RBS Finsure.

Please contact RBS Finsure on 0845 608 0040

Your mortgage details should be contained in your mortgage statement sent by your mortgage provider. If you cannot find these please contact your mortgage provider.

You need to let MarketGuard know. The policy covers only variable rate or tracker mortgages or fixed rate deals which run out in 3 months or less. If you change to a fixed rate or capped mortgage we cannot offer you interest rate insurance or accept claims under your policy. If your mortgage changes and you are not eligible for cover any more, we will explain to you when and how your policy ends and the last day for which we will calculate whether the policy will pay you.

Yes. We cover fixed rate deals with less than 3 months to go that are moving onto a Standard Variable Rate or tracker mortgage.

No, we currently only cover tracker mortgages linked to the Bank of England base rate. We hope to offer cover on LIBOR tracker mortgages in the near future.

This is a unique policy, MarketGuard is the first insurance company offering this type of insurance against market movements to UK customers. [At the moment, you can only buy it directly from us, but we are working on arrangements with mortgage providers and financial advisers to give you more flexibility in the way you buy our product].

Simply complete your details online and submit your application.

Just complete your details online and submit your application.

Please contact your card provider or bank.

We aim to provide a high standard of service. But if you need to complain about any aspect of the service you receive in relation to the Policy, please contact the Customer Services Manager at 260/262, Main Street, Gibraltar or by email.

We will acknowledge any complaint promptly. We will respond fully to it as soon as possible, but if we cannot do so within 20 working days we will write to you to update you on progress. If your complaint is about how the Policy was sold to you by anyone other than the Insurer, we will pass the complaint onto the complaints manager at that firm and tell you we have done so.

If we cannot settle your complaint within 8 weeks, or you are not happy with the way we suggest settling it, you can refer it to the Financial Ombudsman Service at:

Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
Tel: 0845 080 1800
Email: complaint.info@financialombudsman.org.uk

Complaining to the Ombudsman will not affect your legal rights. Please let us know if you would like a copy of our full complaints procedure or more detail on the Ombudsman service.