home insurance

oh_know

I am just getting a new mortgage on a new house purchase and need to get home insurance, Am I right in thinking that I am ok getting insurance from one of the well known providers - its just that my solicitor recommends I use the same people as providing my mortgage - but I think thats just to be on the safe side ! - something to do with making sure that it is fully compliant etc. (my mortgage is with Natwest)

lelole

Hi, It may be that your solicitor will charge a bit extra for the work involved if the mortgage companies own insurance isn't used. You may find it is easier and cheaper to go for the mortgage's insurance just for a month or whatever until completion, because you'll be wanting to add in contents then anyway.

G_M

Shop around and find the cheapest insurance that provides good cover.
Then call the mortgage provider and ask "Canj I use XYZ company for the insurance". They may charge an admin fee (ask them) to check XYZ's cover is good enough, but this should be £10-20.

Mortgage companies' own insurance is usually considerably more expensive than the cheapest available.

lelole

But if you only need from exchange to completion, you only need a month worth, so if you take into account additional fees for solicitors or mortgage company admin it may not be cheaper...

G_M

lelole wrote: »

But if you only need from exchange to completion, you only need a month worth, so if you take into account additional fees for solicitors or mortgage company admin it may not be cheaper...

Not sure where this 'Exchange to Completion' comes from. The OP is talking about 'a new house purchase ' so will need on-going cover. Naturally, buying by the month will be expensive. Just get 12 months cover from Exchange......