Legal & General launches Home Buyers’ Protection cover
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Legal & General is rolling out a new insurance product that aims to help potential home buyers recover some of the key costs associated with purchasing property should the sale not go through.
It says the Home Buyers’ Protection cover will mean people are not left totally out of pocket if they are unable to complete the purchase due to unforeseen circumstances, such as redundancy or if they are gazumped.
The insurance will offer house buyers up to £1,500 to help recover their expenditure, with up to £800 being given towards the cost of conveyancing fees and associated searches, as much as £550 for survey and valuation fees and up to £150 towards mortgage arrangement and lender fees.
Home Buyers’ Protection is initially being offered through Newcastle Building Society and three intermediary partners: Honister Capital, Pink Home Loans and Positive Solutions.
Adam Smith, head of intermediary partnerships for Legal & General’s general insurance business, says: “If a house purchase comes to an unexpected end, then buyers not only lose what is often their dream home, but also money that may be difficult to find.
“By providing financial protection for some of the major costs associated with a house purchase, our Home Buyers’ Protection cover helps to give customers, whether first-time buyers or those who are more experienced, the reassurance that they are able to re-start the search for that ideal home much more quickly if the worst should happen.”
He adds: “The established business relationships we have with Newcastle Building Society and the three intermediary partners who are currently offering Home Buyers’ Protection means we are able to provide them with cover which, as well as complementing our already strong household insurance offering, gives them potentially an added value service which helps them to retain their clients.”
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