PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Home Buyer's Insurance

2»

Comments

  • mikeyp231987
    mikeyp231987 Posts: 44 Forumite
    First Post First Anniversary Combo Breaker
    Hi cybervic

    That's the main reason I'd want to get it too, gazumping. It seems that one is even better value too at only 35.

    The one thing I didn't quite understand in their policy was this part:

    They won't cover costs or expenses:

    "over and above our share of the claim where any claim is covered by another policy or would have been covered by another policy if this policy did not exist"

    What does that mean exactly to you?
  • ACG
    ACG Posts: 23,727 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    mikeyp231987 wrote: »
    Sorry but I don't quite understand your post. Who is 'we' and are you saying that the client that had their sale fall through had insurance and was compensated?

    What insurance would this be then?

    "We" - I am a Mortgage Broker. Our company does not see 30% of cases fall through.

    Most of our customers are first time buyers, your post is about home buyers insurance. I am saying the 2 most recent times sales have fallen through have resulted in very different "losses", one has lost nothing financially, the other has lost thousands.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    mikeyp231987 wrote: »
    They won't cover costs or expenses:

    "over and above our share of the claim where any claim is covered by another policy or would have been covered by another policy if this policy did not exist"

    What does that mean exactly to you?
    If you're insured for the same risk under more than one policy then the insurers all share the loss - you can't just claim under one policy. Pretty standard no matter what type of insurance you're talking about.
  • mikeyp231987
    mikeyp231987 Posts: 44 Forumite
    First Post First Anniversary Combo Breaker
    I went ahead and bought it so thanks for that link.

    If something went wrong and they dont pay out, I'm not going to lose sleep over such a small amount. I'll be far too busy thinking about the thousands spent on mortgage/survey/solcitor fees that I won't be getting back!
  • Taggie
    Taggie Posts: 323 Forumite
    Does it cover you if your buyer pulls out then?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards