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Paragon Mortgages first with Arc Legal buy-to-let landlord legal cover.
Arc Legal Assistance (Arc), the bespoke legal expenses insurance provider, has today announced that Paragon Mortgages (Paragon), a leading specialist provider of Buy to Let mortgages, has become the first lender to offer its residential landlord’s legal costs and rent guarantee insurance.
The insurance is included within a range of specialist landlords insurances made available with every mortgage offer by Paragon. Cover includes indemnity for legal costs in pursuit of claims against tenants following breach of their tenancy agreement and claims against parties breaching the legal rights to the property including squatters and neighbour disputes. Defence of criminal prosecutions arising from Gas, Electric or Soft Furnishing Regulations, and rental payments if a tenant defaults, are also included.
Arc is partnering with Inter Partner Assistance(the ‘underwriting provision’ arm of AXA Assistance) and AXA Insurance, which provides Paragon’s residential investment property insurance facility. The provision of a high quality landlord’s legal costs and rent protection policy was an important aspect of the lenders requirements. In addition, Arc was able to provide a number of product enhancements in terms of both policy cover and limits when compared with schemes available from other sources.
Richard Finan, Director of Arc said: “We have developed a strong product and service proposition in the landlord legal costs sector. This relationship with Paragon is a further demonstration of our commitment to reach new distribution channels, rather than just the traditional letting agent market.”