Insurance launched to cover costs if property purchase falls through
Canopius has launched a Home Buyer Fees insurance product that protects homebuyers against the loss of fees should a property purchase fall through.
Estate agents have reported an increase in the number of purchases collapsing after offers have been accepted, said the insurance specialist.
According to Which? around a third of recent purchases had fallen through, at an average cost to homebuyers of almost £3,000.
The Home Buyer Fees insurance product will be available to homebuyers through mortgage advisers, insurance advisers and IFAs.
David Swan, head of mortgage, specialist consumer products at Canopius, said: “With a proportion of UK house purchases collapsing even after offers have been accepted, we are pleased to offer homebuyers indemnity against the loss of fees in this increasingly common circumstance.
“The product is extremely cost effective, provides certainty for buyers at an emotionally and financially vulnerable time and enables them to acquire their new home without incurring any unnecessary expense in lost fees.”