Background
MPC member Professor Miles first highlighted interest rate insurance in the Miles Report 2004 commissioned by Gordon Brown. Professor Miles suggested that it would provide greater security in housing finance. In the 2008 Budget, HM Treasury announced that the industry was ready to launch such a product.

“…Interest rate protection products can offer another way for borrowers to manage the risk of interest rate rises… These products therefore offer homeowners some certainty over their nominal interest rate payments, while allowing them to benefit from the flexibility and features associated with variable-rate mortgages…”  - Budget 2008

RateGuard
In July 2008 MarketGuard launched RateGuard, the world’s first insurance policy protecting householders and small businesses from rising interest rates. RateGuard is an alternative to a fixed rate mortgage and is suitable for anyone who is on a low rate or is unable to remortgage.

With approximately 8 million mortgages on variable rates, the majority of which are at historically low levels, interest rate insurance should be considered as a serious alternative to remortgaging.

How it works
http://www.marketguard.com/homeowner/rate-guard/

What are typical savings compared to remortgaging
http://www.marketguard.com/homeowner/case-studies/

Calculate your savings
http://www.marketguard.com/homeowner/calculator/