Yorkshire Bank Mortgage

bmfenner

Hi,

We're in the process of arranging a mortgage with Yorkshire Bank. We have nearly finalised the offer, we just need to arrange buildings and contents cover, and we want to take out life insurance. My question is, we have had quotes from the Bank, but also found (cheaper) quotes on our own. Do we have to go with the banks insurance, or are we able to take out our own?

Thanks!! :think:

opinions4u

You can take out your own insurances privately.

Key things to note with the buildings insurer:

- the lender can have speicifc requirements to protect their interests (e.g. they may have to have their "interest noted" on the policy or even become joint policy holders). They can also charge a fee if they choose. So make sure you know what their requirements are.

- you need to ensure that the building is covered from exchange of contracts, not completion, otherwise you could still be committed to buying a heap of burned out rubble if it burns down in the interim period!


Cashback sites like www.topcashback.co.uk can offer worthwhile rebates on many insurances.

If you're buying critical illness cover make sure you compare what different policies cover you for and what rights the provider has to vary premiums in the future (some are fixed from the outset, some provide a right to vary). Same with life cover. For these types of protection you may be better off taking independent financial advice (www.unbiased.co.uk) because it's not just your mortgage you should be protecting, but your whole lifestyle.

Additionally, make sure you are comparing like with like on buildings and contents cover. No point saving £20 a year only to discover the cheaper policy didn't cover you for accidental damage just after you've drilled through the water main!

bmfenner

Thanks for the reply! That makes life a lot easier...

However, does anyone know if Yorkshire Bank have any specific criteria when lending for Buildings&Contents, and life Insurance? I'd love to know asap so that we can try and get it sorted over the weekend!

Thanks,

Ben

Moomum

We have just got our mortgage offer from them, they were happy for us to go elsewhere, they just specified that we gad a rebuild value of £500,000 from the insurance. House we are purchasing is £675,000. The paperwork they any had this specification on it but guy also told us on phone. X