Follow the lender

Follow the lender

Feedback from customers is always welcome, and brokers often also pass on lenders’ views, which have recently been the catalyst for some changes to our lender-only products.

Any new information received is vital for ensuring that our products and terms of cover remain up-to-date. When the needs of the market change, our flexibility means that we’re able to be among the first to respond with a new insurance product or service. Some of our new covers have been introduced as a result of changes in lender behaviour, as they become increasingly cautious.

The recent Roberts v Lawton case influenced lenders’ thinking and, as a result, we developed our Estate Rent Charges policy to protect them against the risk that the owner of an estate rent charge could register a lease and even attempt to claim possession of a property to help secure any arrears.

We introduced our Forfeiture of Lease (Housing Act repossession) indemnity after escalating ground rent clauses left lenders concerned about financial loss following eviction under the Housing Act due to non-payment of ground rent.

And the increasing role of the ‘Bank of Mum and Dad’ in getting their offspring on the property ladder, by contributing all or part of the deposit, caused more lenders to insist on Insolvency Act indemnity cover, so we launched our standalone Parental Help to Buy (gifted deposit) policy.

We keep our ears firmly to the ground to learn about changes to property law and developments in the conveyancing industry. If a lender asks you to arrange cover that you’ve not previously heard of, just give us a call.