Exchange Insurance becomes PFA’s latest partner
15 June 2007
Exchange Insurance Company (ExCo) will announce today that it has become the latest business partner of the Professional Footballers’ Association (PFA).
The new partnership means that PFA members can take advantage of the Exchange Bond – the pioneering product that frees property buyers from making a cash deposit.
Investing funds in property is especially popular with the modern professional footballer, as well as those players who have retired from the game. The introduction of ExCo’s innovative product – the Exchange Bond – will simplify the property purchasing process for all PFA members.
The Exchange Bond has been attracting nationwide consumer interest from both first-time buyers and investors alike. It is able to help the young and rising football professional to purchase their first property by providing the time often needed to save for a cash deposit. Alternatively it assists the savvy investor with expanding their property portfolios since using an Exchange Bond allows them to keep their cash deposit in the bank earning additional returns.
Frank Speight, ExCo’s sales and marketing director, said: “We are very pleased to be working as a business partner of the PFA and to join a network of respected organisations. The Exchange Bond is a very attractive alternative to making a cash deposit and we are already seeing an impressive amount of interest within the football community.”
Christian Smith, Senior Commercial Executive of the PFA, said: “The addition of ExCo and the Exchange Bond to our commercial partners will be hugely beneficial to the financial advice we can offer our members when they are looking to invest in property.”
The Exchange Bond removes the problem of a buyer having to hand over cash on exchange and then wait several months or even several years before completion. Buyers are able to retain their funds between exchange and completion. For many purchasers this enables them to use these funds elsewhere.
The buyer pays a relatively small premium for the Exchange Bond. For example, someone buying a property costing £200,000 and wanting an Exchange Bond in place of a 10 per cent deposit, to cover a six month gap between exchange and completion would pay a premium of £850. This unique financial guarantee is normally issued for a period of not less than 3 months and for up to 5 years.
The PFA is the official organisation representing professional footballers and is the oldest established sporting union in the UK with 4,500 current players and over 10,000 former players as members, offering advice on a wide variety of topics from drugs and coaching to education and finance.
ExCo is a City of London-based specialist European general insurer, which is authorised and regulated by the Financial Services Authority. More information is available at: exchangebond.com.
