The questions we get asked most are:
1 How does the Guarantee work?
Instead of paying the deposit in cash, the buyer purchases the Gurantee from Zurich Bank.The developer agrees to accept this in place of a cash deposit, as it means you're 'guaranteed' to get the deposit at a later date. The developer is given the Guarantee at exchange of contracts and you could then claim the deposit amount from Zurich should the buyer fail to pay the deposit at completion.
2 How much does the Guarantee cost?
The amount of the Guarantee depends on the amount of the required deposit and the term of the Guarantee. Our distributors, XBond have a calculator on their website that will give you an indication.
3 How quickly will a buyer get a decision?
They will get a decision in principle within 48 hours. We will need supporting documents before we can issue the Guarantee itself.
4 When does the Guarantee expire/ how long does it last?
A Guarantee is bought for a specific period of 6, 12, 18 or 24 months. It's valid from the moment contracts are exchanged for the term of the Guarantee bought.
5 Is the Guarantee transferable to another property?
No, the Guarantee is agreed for a specific property and cannot be changed.
You can find a complete list of our Frequently Asked Questions on the XBond website or you can always call XBond on 0845 8822888.
