Paymentshield has announced the enhancements to its offline system in response to the growing interest in the buy-to-let market. It will enable brokers to produce quotations in under a minute, and submit signature free applications direct.
Following Council of Mortgage Lenders (CML) figures revealing buy-to-let lending exceeded £14 billion during the second half of 2005, Chris Traynor, sales and marketing director at Paymentshield, said the decision to enhance Inertia had been market-driven. He added the changes to the system would greatly reduce brokers time sent per case. He said: “Over the past year we have seen a considerable increase in the demand for landlords buildings and contents cover. The improved offline quotation facility means brokers will be able to respond even faster to the market. Many advisers aren’t aware that landlords require special cover, and therefore could be underinsured. Our product has been designed with landlords in mind, catering for rental voids and multiple properties.”
The product is available to private landlords who own and rent a property under a single tenancy agreement, with a simple bedroom rated structure. Flexible cover is available, with insurance for up to 10 properties owned and let on a sole occupancy basis. Cover for up to 90 days between tenancies is also available, with a no claim discount available up to five years. Paymentshield has also confirmed the option to transfer any claim-free periods for the property to be insured from a previous insurer.
Mike Pendergast, IFA at Zen Financial Services, said: “Making a system signature free, allowing brokers to speed up the process is always appreciated.”
