WARNING: Post office/Bank of Ireland Mortgage - cannot complete

yorkshire_spam

beecher2 wrote: »

And it is definitely the insurer who has to contact the lender, rather than the person with the mortgage?

From the document sent by the BOI:[FONT=&quot]
6.14.3[/FONT] [FONT=&quot]Check [FONT=&quot]part 2[/FONT] to see if we require you to obtain before completion the insurer’s confirmation that the insurer will notify us if the policy is not renewed or is cancelled or if you do not obtain this, report to us (see [FONT=&quot]part 2[/FONT]).[/FONT]
[FONT=&quot]6.14.3 Does the lender require insurer's confirmation to notify it of non-renewal/cancellation for buildings insurance policy?[/FONT]
[FONT=&quot]Yes.[/FONT]

patanne

Just a thought, but less than 20 years ago if you took out a mortgage you had to take out buildings insurance with the lender. Then they let you go elsewhere for £25 per year (until they let the £25 lapse). Could it be that this is their way of ensuring you get the (very expense no doubt) ins through them as even a bank should be able to tell itself if your insurance had lapsed. Presumably current banking rules (such as they are) would prevent them actually saying that & they are just waiting for you to ask.

yorkshire_spam

BOI don't do house insurance - so I can't even do that!

Anyway....
Bank say that RSA (More than) are ok - so I phoned more than and they said - "No we don't notify the lender, we notify you".
So RSA/More Than are no good.

So....
Solicitors fax BOI and say that you are asking the client to do the impossible.

So....
BOI fax the solicitor and say we can proceed without meeting that requirement.

So.......
The insurance I arranged a week ago, but cancelled this morning is acceptable after all!

FARCE!

jim85

I have taken out a mortgage with the Post Office/BOI. I exchanged last Friday and due to complete on the 28th January.

I have buildings insurance with esure which I took out online the day of exchange. My solicitor requested the policy number, start date, name of insurer, amount house insured for. The solicitor seemed happy and forwarded the details on to the Post Office/BOI.

I hope I will be able to complete ok!

James