Home Buyers protection Insurance

navanee

Hello there,
I submitted my mortgage application couple of weeks back and I missed out on buying a home buyer's protection Insurance then. Most of the providers imply that the insurance has to be bought within 7 days of applying for a mortgage. Can you please suggest some company/provider who will be able to provide an insurance now?

Thanks,
Navanee

G_M

I'd be interested to know what these cost, as well as from anyone who has made a claim - whether successfully or otherwise..........


My instinct is that the potential benefit does not justify the premium, but I may be wrong.

Cakeguts

What is it supposed to insure against?

xoAmyox

I have bought this insurance recently, the wording was a big vague on exactly the scenarios covered when a seller pulls out. The other scenarios were very clear but I think also rather rare (seller not having legal title of the property etc)

My sale then fell through as the sellers pulled out and I made a claim, the claim was paid after some paperwork and submission of lots of electronic docs showing my costs.

I won't name the insurer, as it's not a recommendation but for me it was worth it because I had to claim.

My insurance also had the stipulation that it had to be purchased within 7 days of offer acceptance on the property (not mortgage application as is implied in the OP)

EDIT: In reply to G_M. The cost to me was £69 and the cover maximum was £3,000 but my claim was less than the maximum

stator

Cakeguts wrote: »

What is it supposed to insure against?

It repays what you've lost out on by trying to buy a house, if it's not your fault the purchase fell through. Mortgage application fees, surveyor fees, conveyance fees, that sort of thing.


For example if someone else makes a higher offer on the house or if the mortgage survey comes back with a valuation too low.



If you've scrapped your way to a deposit and losing £1500 would set you back a while, then there's no reason why you shouldn't take out one of these policies.


I took one out a few years ago, but didn't claim, so can't tell you whether they're any good, but they don't sell it anymore anyway.



Of course it's important to read and fully understand the terms and conditions.

stator

This one says you have to apply within 14 days of appointing your conveyancer:


https://www.zoopla.co.uk/moving/buyers-guide/insurance/home-buyers-protection-insurance-what-is-it-and-why-do-you-need-it/


Is that useful?

When in the Move process do I buy it?

You can purchase Home Buyers Protection Insurance as soon as you have had an offer accepted on the property you want to buy. But it will also have to be within 14 days instructing your solicitor to start on the conveyancing work.

davidmcn

G_M wrote: »

I'd be interested to know what these cost, as well as from anyone who has made a claim - whether successfully or otherwise..........


My instinct is that the potential benefit does not justify the premium, but I may be wrong.

We had a previous thread quoting the risks covered for one of these policies. which seemed (to me) to be a rather limited set of reasons why a purchase might fall through.

navanee

Great, Thanks, that timeline is perfect as I instructed the conveyancing 10 days ago! Conveyancing is huge, and at this stage, I would be happy if it is covered!

Best Regards,
Navanee

alypen

I wish I'd known about this before: we've effectively been gazumped, and all the money we spent on conveyancing, surveys etc. is now money down the drain. I'll know next time ...