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When Can I Buy Home Buyers Protection Insurance?

Troy Stevens 20 February 2022

One of the most frequently asked questions we face here at Rhino is when exactly can Home Buyers' Protection insurance be purchased? Understanding at what point in the home buying process the cover be taken out is very important, and we intend to answer this for you now.

The answer to this question is very simple. You can take out Home Buyers Protection cover within seven days of either officially instructing your solicitor or officially submitting your mortgage application.

Instructing your solicitor means that you are asking them to represent you in the purchasing of a property, subject to a memorandum of sale.

If this stage has occurred within seven days of taking out Home Buyers Protection insurance, you are eligible and will be covered.

Submitting your mortgage application means you have officially requested your mortgage from your mortgage company. Again, if this has happened within seven days, then you are eligible to take out Home Buyers Protection insurance.

Note that this process is not the 'mortgage in principle.' The actual process of submitting your mortgage application occurs once the mortgage in principle has already been received.

We speak with homebuyers every day, providing 5-star, award-winning Home Buyers Protection insurance, and we try to make things as simple as possible. We understand that the process of buying a new house can be daunting and confusing as it is, so we aim to alleviate any further stresses or uncertainty homebuyers face.

Our insurance policies have been designed with homebuyers like you in mind. Whether you are a first-time buyer, a seasoned landlord, or something looking to buy a holiday escape, the same risks apply throughout the home buying process. We are proud to offer revolutionary insurance that provides valuable cover during this process and covers almost all up-front costs that homebuyers face when the property transaction falls through.

Words like 'transaction failure', 'house fell through' and 'gazumping' are not positive words to home buyers, so our insurance acts as an easy way of making these unfortunate outcomes as least damaging as possible.

So, when is the best time to buy Home Buyers Protection insurance? You now have the answer to that question. It's within seven days of you officially instructing either your solicitor or mortgage lender that you are moving home.

Well, what are you waiting for? You can purchase home buyers' protection insurance for as little as £69 and can do so within minutes via our easy-to-use online insurance platform. Give us a go today and get peace of mind that your home buying costs are covered.

Don't hesitate to get in touch if you have any questions about our insurance policies.

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