This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Welcome figures suggesting that Britain is well on the road to economic recovery have been boosted further with prospects for first-time buyers also looking brighter.
Help to Buy
Helped significantly by the introduction of the Help to Buy scheme, the number of first-time buyers rose by a huge 78% in 2013.
Paymentshield Insurance recently conducted a survey suggesting that despite the large increase in homeowners, many are underequipped in terms of insurance. The survey results indicate almost 33% of homeowners do not possess home insurance. More worrying statistics show that 34% confess to having no contents insurance, 81% are without mortgage payment protection and some 96% of homeowners have no income protection.[1]
Home truths on landlord insurance
Advice
The company believes that the rise in first-time property owners makes it a perfect opportunity for financial advisors to assist in the crowded market. By approaching the potential problems associated with first-time buyers head- on, there is a chance to cash in on the upcoming market gains.
Mortgage Payment Protection Insurance
An increase in the number of first-time buyers gives financial advisers the opportunity to flex their muscles with the provision of mortgage payment protection insurance. Lending figures for first-time buyers were up by 33% during the last 12 months.[1]
With discounts available on some policies for first-time buyers, such as introductory offers and deferred payments, there is the chance for buyers to temporarily take the edge off their expenses. Insurance brokers must communicate to the fresh-blood in the property market to give them the best value. Simply advising and explaining about products can go a long way in protecting first-time buyers and the industry.
[1] http://www.mortgagestrategy.co.uk/news-and-features/latest-news/home-truths-on-insurance/2006264.article
