Nick Breton, head of marketing and product at Paymentshield, said: “With so many house purchases falling through and the rising expense of buying a new home, this new product from Paymentshield will give customers peace of mind that should their sale fall through, they won’t lose out on hundreds of pounds of lost fees.
“Home Buyer’s Protection complements Paymentshield’s existing home offering and we hope that brokers will see the real benefit from such an essential product. It fits seamlessly into the mortgage application, as it can be sold as an add on at a one-off fee. It also gives brokers an additional income stream and a chance to keep a client’s buying process on track if the worst happens.”
Home Buyer’s Protection provides cover for any upfront expenses (total cover £1600) a customer pays out, including conveyancing fees and local authority searches up to £800; mortgage arrangement fees and lenders’ fee up to £250 and fees and survey fees and valuation fees up to £550.
The product will also cover the following for a period of 120 days: gazumping, seller withdrawal, adverse survey, down valuation, changes in employment and unexpected death.
Breton added: “We encourage brokers to educate customers, whether buying a new home or moving of the importance of protection. If the worst does happen, Home Buyer’s Protection can recover expenses quickly and keep the buying process on track.”