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3 way mortgage - insurance difficulty
jaggedlittlepill
Posts: 1 Newbie
We are 3 friends that purchased a property in 2008, as none of us would have been able to get on the property ladder alone, we have taken a 3-way joint mortgage. All is going well, despite cynics assuming we would fall out.
We have just discovered that our insurance over the past 2 years (2008/09 Freefirst and 2009/10 - Swinton) have been invalid as we have only had 2 names on the insurance policies. Luckily we have not had to claim. However it is a huge concern that had we needed to claim, the companies were within their rights to decline us as the policy would differ to the mortgage account.
Most insurance companies do not have the ability to provide home insurance for a mortgage such as ours. Thus we are concerned that we will be unable to obtain appropriate cover, our existing policy expires next month.
Can you suggest any help or advise?
We have just discovered that our insurance over the past 2 years (2008/09 Freefirst and 2009/10 - Swinton) have been invalid as we have only had 2 names on the insurance policies. Luckily we have not had to claim. However it is a huge concern that had we needed to claim, the companies were within their rights to decline us as the policy would differ to the mortgage account.
Most insurance companies do not have the ability to provide home insurance for a mortgage such as ours. Thus we are concerned that we will be unable to obtain appropriate cover, our existing policy expires next month.
Can you suggest any help or advise?
0
Comments
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Technically your existing policy expired now if it's invalid.
Speak to a mortgage advisor at presumably your bank (where u got the mortgage) and ask if they have any advice on the situation and if they can point you in the right direction!0 -
What type of insurance are you talking about?
If it's contents insurance try Endsleigh, as they were formerly owned by the Students Union they specialise in insurance for people in shared houses. I'm not sure if they do buildings insurance as well thoughChanging the world, one sarcastic comment at a time.0
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