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  • FIRST POST
    • Akk223
    • By Akk223 12th Jun 17, 1:20 PM
    • 31Posts
    • 4Thanks
    Akk223
    Building and Contents Insurance
    • #1
    • 12th Jun 17, 1:20 PM
    Building and Contents Insurance 12th Jun 17 at 1:20 PM
    Hi

    I am in the process of remortgaging my current house as it is approaching the end of the fixed term period. The new mortgage company (Scottish Widow) has asked for a copy of the home insurance. Why would they need this? I have just taken one out as my house was being renovated and has just finished hence did not have cover in place as no insurance would provide cover whilst the works were being done. Would this cause an issue? Do lenders ask for previous insurance
Page 1
    • somnus
    • By somnus 12th Jun 17, 2:26 PM
    • 32 Posts
    • 20 Thanks
    somnus
    • #2
    • 12th Jun 17, 2:26 PM
    • #2
    • 12th Jun 17, 2:26 PM
    I think they main thing is that you have some current insurance. A mortgage is a loan secured against the value of the house. If the house falls down and you aren't insured then their loan isn't secured against anything. This is why they insist on buildings insurance.

    If you can provide documentation to show that it is currently insured I doubt they are interested in past policies.

    And for completeness they are specifically interested in buildings insurance; contents insurance is not a requirement by the lender but of course you may be interested in taking out a contents policy to provide insurance cover for your belongings.
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