There was more good news for home-buyers this week with the announcement that Standard Life had cut the cost of mortgage protection life cover.

Standard's product development actuary Mr John Lynch said the mortgage market had never been more competitive. "Our research has shown that the average mortgage is close to £100,000."

He said for this level of cover Standard Life's new rates mean a saving of up to £2,570, compared to its most expensive competitor, over a 20-year period - using a 20-year mortgage repayment term. The rates are applicable for commercial and domestic mortgages.

Standard cited a variety of examples including a 30-years-old male smoker who would pay a monthly premium of £11.28, making a total saving of £986.40 over 20 years - when compared to its most expensive competitor. A 30-years-old male non smoker would pay a monthly premium of £7.40.

A female smoker (aged 30) will pay a monthly premium of £9.47, while a female non-smoker would pay £8.35 per month, giving a total saving of £847.20 and £571,20 respectively over 20 years. Again, the comparison is against Standard's most expensive competitor offering mortgage protection.