The Source unveils Home Buyers' Protection product

The main reasons highlighted were financial difficulties, ‘gazumping’ or simply someone in the chain getting 'cold feet'. This has prompted leading GI platform The Source to introduce a Home Buyers' Protection product which covers clients’ upfront expenses if:

- The property is withdrawn from sale by the seller

- The client is 'gazumped' by a margin of £1,000 or more

- The client has to withdraw due to unforeseen illness or personal reasons

- The lender requires remedial works of more than 10% of the offer accepted

- The surveyors' valuation is less than 90% of the sum the agreed price

For a one-off fee of £79.50, clients get £1,500 cover for a range of upfront expenses including conveyancing, survey, and lenders fees, as well as any charges made by the broker themselves.

Alex McLauchlan, Head of Marketing for Source Insurance, commented:

“We have chosen to partner with Source as they lead the field with their choice of insurers plus their comprehensive GI platform providing our members with both a competitive and easy to use solution.“

Brian Coulton, Business Development Manager for Source Insurance, commented:

“It came as a surprise to us that quite such a large proportion of home purchases fall through. Our new Home Buyers Protection product covers the most common reasons for a property chain breaking down, giving clients four months peace of mind for just £79.50. It's a great little product and it's getting a lot of interest from mortgage brokers who are already in the habit of cross-selling home insurance.“