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.
Home truths on landlord insurance
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.
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.