Conveyancing firm Blacks Connect has launched a free protection product for mortgage customers that covers non-refundable lender and solicitor fees if a sale falls through.
The product pays out up to £500 in non-refundable mortgage lender arrangement, product and booking fees, up to £750 in valuation fees and up to £600 in solicitor’s disbursement costs if the sale falls through. Borrowers can claim on the policy if the vendor withdraws the property from sale, if the client pulls out of a purchase because the survey uncovers work that needs to be done to the property or the client has to pull out because of illness, death or redundancy.
Blacks Connect partner David Gilman says: “This is a fantastic benefit for all our clients and we are thrilled to be able to offer it completely free of charge as part of our standard disbursements package.
“For brokers, it will give clients enormous peace of mind to go ahead with mortgage applications and surveys in the knowledge that they will not lose out financially if the deal falls through.”