Mortgage Advice Bureau (MAB) has launched an exclusive Mover Protection package to protect mortgage applicants if their transaction fails for reasons beyond their control.
The package was launched on the same day as a new campaign that aims to change the way we buy and sell property, which sees 466,000 transactions fall through every year.
Anyone arranging a mortgage through an MAB adviser – whether they are buying a first home, moving house or remortgaging an existing property – can now protect themselves against financial losses in a range of unforeseen circumstances.
Buyers can get up to £1,850 compensation for legal, survey and mortgage arrangement costs if the seller withdraws or accepts another offer, or if a search or survey reveals something that prevents them from completing the purchase.
And they can get up to £720 if external events stop a sale or remortgage from going through.
Mover Protection, provided by Lifetime Legal, comes with a range of packaged benefits including:
Standard single will or mirror wills to ensure valuable assets are passed onto loved ones, with expert estate planning advice and written recommendations for complex cases.
Unlimited impartial telephone advice from Which? and Lifetime Legal’s expert panel covering topics such as moving home, employment issues and neighbourhood disputes.
Access to a digital document vault allowing customers to store important legal, mortgage and protection documentation in a single secure location.
These benefits are also available to customers who take out protection products without an accompanying mortgage through a MAB adviser.
MAB chief executive Peter Brodnicki said: “We are looking to take the heat out of what can be one of the most stressful experiences people go through, not to mention their biggest financial commitment.
“No amount of expert advice can guard against the unexpected when it comes to moving house. What we can do is make sure the financial implications are kept to a minimum so that customers can push ahead with completing a deal without paying a penalty for events that are beyond their control.
“As well as a financial safety net, the package includes a range of further benefits to provide added advice and security. This should make the application process as smooth and seamless as possible for consumers.”
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