What do we cover?
Home buyer protection insurance provides cover when a sale collapses for the following reasons:
- The vendor/seller withdraws due to gazumping.
- The Homebuyer wants to pull out of the purchase because of an adverse legal search,
- The property valuation is lower than expected
- The home has structural defects.
- The home buyer is made redundant or has a terminal illness
- The home buyer policy pays for the cost of: Surveyors or valuation fees, legal costs, legal searches, mortgage arrangement fees.
Points to consider
The policy is only sold to the home buyer at the time of them making an offer to purchase the home.
Buying a home is always a daunting prospect, costs can quickly mount up. First-time buyers in particular are on a tight budget. If the sale collapses through no fault of the buyer, it’s always disappointing, but even more so when hard-earned savings are lost on costs. The policy pays for these costs and means the buyer can afford the costs on another property.