The Source has introduced a Home Buyers’ Protection product.
It covers clients’ upfront expenses if:
- The property is withdrawn from sale by the seller
- The client is ‘gazumped’ by a margin of £1,000 or more
- The client has to withdraw due to unforeseen illness or personal reasons
- The lender requires remedial works of more than 10% of the offer accepted
- The surveyors valuation is less than 90% of the sum the agreed price
For a one-off fee of £79.50, clients get £1,500 cover for a range of upfront expenses including conveyancing, survey, and lenders fees, as well as any charges made by the broker themselves.
Brian Coulton, business development manager for Source Insurance, said: “Our new Home Buyers Protection product covers the most common reasons for a property chain breaking down, giving clients four months peace of mind for just £79.50.
“It’s a great little product and it’s getting a lot of interest from mortgage brokers who are already in the habit of cross-selling home insurance.”