SortRefer spotlights costs of mortgage application failure
16 February 2017
SortRefer, the online conveyancing portal, is offering customers the opportunity to protect themselves against financial loss in the event of their property purchase falling through.
Fee Guard provides up to £1,000 of cover for upfront mortgage set up, survey and search fees in the event of their case not proceeding.
Fee Guard covers the following:-
- Mortgage lender arrangement fees
- Mortgage lender valuation/survey fees
- Searches and disbursements
- It also helps with costs for alternative accommodation, storage and removals and gives £100 towards the cost of a Mortgage Adviser.
According to SortRefer’s Head of Sales, Phil Goff, a growing number of customers can find themselves out of pocket if their property purchase fails to go through.
He said, “We all know that not every purchase case proceeds, some fall throughs are simply out of the client’s control and that’s something for which we wanted to help provide a solution. We want to ensure that customers referred by introducers to our panel of conveyancers are offered the opportunity to ensure they are reimbursed for upfront costs in the event of their purchase not going through.”
Fee Guard can be put in place and protects the customer in the event of any of the following :-
- The vendor withdrawing the property from sale following receipt and acceptance of an alternative offer from another buyer of at least £1,000 more.
- Buyer withdrawal from the purchase of the property because of adverse legal search, which is any entry which prohibits / is seriously detrimental to, a successfully completed transaction or the mortgage lender’s valuation of the property being less than 90% of the sum offered.
- Buyer, or the vendor’s withdrawal from the purchase of the property, because of the buyer or the vendor’s:
1) Employers’ relocation not completing
2) Involuntary unemployment
3) Death, unforeseen illness or bodily injury caused by a sudden or specific accident
Andy Sommerville, Director of Search Acumen, commented “We think the Fee Guard policy is priceless. SortRefer really cares about protecting the end user and the Fee Guard product assists with that. We’ve supported SortRefer with the product as we continue to work in partnership with them as their Search provider.”
Tom Dunne at AFP Partnership is delighted with the new addition and said, “Fee Guard is great because it gives my clients reassurance and peace of mind at the start of the property buying process.”
