The rise in first time buyers has been partly caused by the Government’s Help to Buy scheme, which launched in 2013. Recent statistics show that of the 27,861 properties bought, 80 per cent were bought by first time buyers, emphasising the potential in the market.
The tailored offering from Paymentshield provides both advisers and customers with useful step-by-step guides detailing everything a first time buyer needs to know about protecting their ‘home sweet home’. In addition, Paymentshield has created a unique microsite which houses all the information a financial advisor may need in one convenient location.
Commenting on the campaign, Nick Breton, Paymentshield’s Head of Product & Marketing, said:
“Financial advisers are busy individuals and are always looking for ways to maximise sales. They do, however, understand that first time buyers need to be supported throughout the buying process, and this is why we have created a bespoke toolkit to enable advisers to provide tailored advice to their customers.
“Being a first time buyer is both an exciting but stressful time; our offering will provide both advisers and customers with helpful guides that will navigate them through the process.”
The campaign further supports Paymentshield’s recent discounts for first time buyers, which include deferred monthly payments, an automatic two years no claims discounts cover and annual savings of up to 20%.
Paul Slack of Mortgage Options (UK) Ltd added:
“The microsite and new literature will be valuable tools to help advisers educate first time buyers on the complexities of house insurance. Most first time buyers are budget driven and will automatically go with the cheapest quote, not fully understanding the differences between policies.
“We have seen a larger influx of first time buyers into the mortgage market due to incentives such as the ‘Help to Buy’ schemes, and we are also seeing a lot of parents assisting with ‘gifted’ deposits. We often find that clients will easily accept a mortgage that is £50 per month more than they originally budgeted for but they will shop around to save a few pounds on their insurances policies.
“Paymentshield is providing a good policy at a reasonable price with literature that can help our first time buyers understand the true importance of insuring correctly. The micro site also allows us to save valuable time with all documents in one convenient location.”
