New bond 'could help first time buyers'

29-Jan-2007

Exchange Insurance is offering a product that could make it easier for first time buyers to secure a deposit.

First time buyers can use the financial services company's Exchange Bond as a "cost effective and safe" alternative to making cash payments.

A new concept in the UK, the Exchange Bond is a financial guarantee provided by Exchange Insurance on behalf of first time buyers and according to the firm could cut the time required for completion on property purchases.

Frank Speight, the insurer's sales and marketing director, said: "The Exchange Bond is a very attractive alternative to making a cash payment on exchange when buying a property.

"First time buyers, residential property investors and existing owners trading up to a larger property can all benefit from using the Exchange Bond."

Exchange Insurance is a London-based insurance company which also offers overseas exchange bonds to help with property purchase abroad.

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