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Do I have to buy buildings and contents insurance from my mortgage provider?
Am I tied to them or can I shop around? (UK)
10 Answers
- 1 decade agoFavourite answer
Many years ago, some mortgage lenders used to insist that you bought their (often expensive) home insurance. Thankfully this was stamped out and now you are not tied to them for buildings insurance.
You do have to demonstrate that you have cover but any insurer is happy to issue a certificate to your mortgage lender, it is a fairly common request.
Historically there was a £35 charge made by the mortgage lender to process this 'administration' but I am pretty sure that is also no longer practiced by anyone.
Shop Around!!
Source(s): Many years insurance experience in the UK - Currently work with http://www.superquote.com/ - Anonymous1 decade ago
Hiya !
There is absolutely NO reason why you have to take the insurance from your mortgage provider ! They are usually selling insurance on behalf of a third party - and working on commission !
Shop around for the best deals - even using different companies for the contents and buildings insurance if it's cheaper !
- Anonymous6 years ago
You can buy home insurance from whoever you want, provided it covers what your mortgage provider wants covered.
good luck
Get an online quote, it's free to do. For instance see: http://homeinsurance.nightbirdssolutions.com/ or http://homeinsurance.nightbirdssolutions.com/quote...
RE:
Do I have to buy buildings and contents insurance from my mortgage provider?
Am I tied to them or can I shop around? (UK)
Source(s): Low-priced rental insurance: http://homeinsurance.nightbirdssolutions.com/ or http://homeinsurance.nightbirdssolutions.com/quote... - ANFLv 71 decade ago
Many years ago you were forced into doing so but the the system changed so that you can go to any insurer for the best deal. I had a Building Society insurance company for many year as it was compulsory. The cost was about 50% higher than I should have paid. As soon as the opportunity came I ditched them and went for quotes. I saved thousands over the years.
- ?Lv 44 years ago
extreme ailment conceal is in many circumstances no longer acceptable for modest quantities. and you'll be able to't insure against dropping a activity. save up a nest egg of 6 month's costs to maintain you going. because it fairly is a stretch for you financially, have you ever sought the suggestion of a loan broking provider? in case you are able to not have adequate funds for the loan fee to double, then you definitely want to be on a fastened fee.
- 1 decade ago
no you are not tied to them, you are free to shop around, some mortgage companies do however have have the condition that you have to have insurance in place, but it can be from anyone.
- Anonymous1 decade ago
You do not have to buy Insurance from them, you can get it cheaper from other companies
- Anonymous1 decade ago
What does it say in your mortgage agreement?
- Anonymous1 decade ago
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