The product means many of the costs involved in buying a home could be reimbursed to the client if the transaction falls through – at no extra charge.
The Blacks Connect Buyer Protect product will pay out up to £500 in non-refundable mortgage lender arrangement fees, product and booking fees. Up to £750 in valuation fees (including a Homebuyer’s Report or Structural Survey) and up to up to £600 in solicitor’s disbursement fees.
The product will also pay out if the client has to withdraw due to illness, death or redundancy.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “Part of the appeal of working with Blacks Connect was the innovative nature of its product range and the benefits it can provide to both our members and their clients.
“This free Buyer Protect product will provide vital peace of mind to many as they embark on the house buying process knowing that should circumstances change they will not be left out of pocket.
“Many potential transactions fall through for any number of reasons such as the vendor withdrawing the property or the purchaser pulling out after a survey reveals complications.
“The benefits of this product are therefore obvious plus it also comes completely free of charge and therefore we believe our members will be looking to actively recommend the conveyancing services of Blacks Connect as we continue to build on our growing relationship.”
David Gilman, partner in charge of Blacks Connect, said: “We launched our Buyer Protect product three months ago and have been overwhelmed by the interest from brokers.
“They tell us that many buyers are worried about paying upfront mortgage and survey fees through fear of losing their money if the deal falls through.
“This product gives them the confidence to make that leap of faith. And best of all, it’s completely free of charge.”
Earlier this month Paradigm added Blacks Connect to its conveyancing panel and along with the ability to offer Buyer Protect to clients members can also access its range of conveyancing services.
