Ways to pay Home & Legacy
It is easy for a broker with a Home & Legacy agency to pay client premiums. Once instruction has been given to Home & Legacy we simply debit the broker’s account in accordance with our Term of Business.
However, there are a number of other options for payment. We can also take payments in the following ways:
Home & Legacy can accept card payments over the phone. There is no charge for payment by debit card. If you wish to pay by credit or American Express card, there is an additional charge of 2.5% of the premium, inclusive of Insurance Premium Tax (IPT).
If the total amount exceeds £100 and your client has a UK correspondence address, subject to acceptance their premium payment could be spread using our Close Brothers Premium Finance (CBPF) loan facility. Home & Legacy acts as an introducer to CBPF.
Before you instruct us to make arrangements for your client with CBPF it is important to check that your client has budgeted and will have the funds available to make the required monthly payments. If your client defaults on the loan agreement a default fee of £30 will be charged by CBPF when collecting any arrears. If the arrangement has to be cancelled due to unpaid arrears there will also be a cancellation fee of £15.
- For home and motor insurances the premium can be spread over 10 months at a fixed rate of 6% interest (representative %APR 15.45% variable). For some motor insurance clients the first monthly payment may be collected up front by payment card, in which case the loan will be effected for the balance remaining and spread over 9 months. The %APR will vary for these cases.
- For landlord and tenant insurances the premium can be spread over 12 months also at a fixed rate of interest of 6% (representative %APR 12.54% variable).
The %APR is the total cost expressed as an annual percentage of the total amount of credit and is provided to help compare different offers. In calculating the %APR it is assumed that the loan amount will not be varied and that each month the monthly payment will be paid on time.
If your client wishes to pay their premium using our CBPF loan facility, please provide your client's bank account details when giving us instructions.