Income protection - buying a house off plan.

[Letstryadifferentcareveryyear]

Daughter is buying a new build house off plan.

Exchange will be approx 12months before completion. Is there any sort of insurance policy that you can get that covers loss of deposit & indemnifies against charges if you fail to complete?

Just thinking what would happen if she was made redundant or the mortgage company wouldn't extend the acceptance date for their offer etc between exchange & completion.

Once the mortgage is taken out, there's income protection policies & bank of mum & dad so not concerned in the longer term.

[dalenorth]

No there’s nothing I’m aware of but she’s very wise if she has income protection at a young age. It’s probably worth her considering critical illness cover too as it’ll cost peanuts while she’s young.

[LooneyTunes]

Looking at it from another angle, is it a major builder in good financial health?

[Letstryadifferentcareveryyear]

No worries about the builder going pop, the deposit is protected by an insurance policy.

[LooneyTunes]

That's good to hear. It doesn't seem to be easy out there for some in the building trade.