Search Indemnity
Introduction
As part of the mortgage process, lenders require appropriate searches with relevant authorities to be carried out to check that the property is not at risk from anything that could affect their loan security. At the same time, however, lenders are under pressure from consumers to provide a decision on a mortgage as quickly as possible.
A new approach
In a bid to streamline the lending process, many lenders opt to release funds without carrying out searches for some mortgage products. This decision is at their discretion, and is particularly relevant with remortgages, where the property was recently purchased and satisfactory searches have already been obtained. To enable you to do this without risk, we offer Search Indemnity.
Simple and flexible
Proceeding without searches can save valuable time, but it can mean a substantial financial loss if a borrower defaults and forces you to repossess and sell the property and the value is found to be affected by an issue that would have been discovered had searches been carried out. Our policy protects your loan security, so you can proceed without the searches with confidence. For a full list of the standard searches included under this policy, click here.
Search - key benefits
- Increased speed efficiency and certainty to your lending process
- Reduced costs to the process as a result of not having to wait for the usual searches
- Automatic protection for your security against losses caused by events outside of your control
- Protection for every new loan granted
- CML handbook compliant
- Competitive premiums
Our policy wordings are available on request. Please click here to contact us and request a copy.
Want to know more about our Search Indemnity? Click here for our FAQs.
Excel Insurance Solutions - protection for a changing future.