Platform mortgage - buildings insurance condition

Jonesy_McJones

There is a clause on the mortgage illustration which states:

Insurance you must take out as a condition of this mortgage but that you do not have to take out through Platform or <mortgage advisor>
Buildings
If buildings insurance is not taken through Platform or <mortgage advisor> then a charge of £30 will be payable once on completion.

I do not wish to take the products offered by the mortgage advisor and I have asked him whether taking buildings insurance through the Co-op would satisfy the condition but he has not come back to me and is off today.

The mortgage offer is being sent today (and faxed to my solicitor today), so I don't know if it is on that as well.

I am hoping to exchange tomorrow - fingers crossed.

Are there any Platform customers who can clarify for me?

Many thanks :beer:

llamatron

Hi,
Yes i can confirm that it's common for Platform to ask / advise you to get their insurance, you can opt out but yes there is a charge, (cannot remember my charge at the moment),
but when compared to their insurance quote and others available it worked out better to source your own insurance,

But be aware that every new term year they will insist on details/copy of your private insurance with "Platform Home Loans" mentioned interest on the documents also you have to insure upto mortgage borrowing/repayment amount ( a real pain).

But if your willing to spend 10 mintues looking around for other quotes it will save you money every year.

Regards Dave :money: