Property Insurance as part of Mortgage offer

roonaldo

Most lenders will not lend if you dont have buildings insurance. You either take theres or get your own.

Your property is your most valuable asset and you're moaning about insurance that you should have.

dynoman

roonaldo wrote: »

Most lenders will not lend if you dont have buildings insurance. You either take theres or get your own.

Your property is your most valuable asset and you're moaning about insurance that you should have.

Roonaldo or is it shrek?
I pay my way and always have. When you say "I'M MOANING ABOUT PAYING BUILDINGS INSURANCE" be aware that i am British and have the right to moan if i want to.
My point in all this with Leeds Building Society is that i was never given the opportunity to shop around for a better deal, i was getting charged £600 plus interest a year and YOU think i haven't the right to moan.
You obviously need to get out more instead of leading such a boring life sat in front of your computor making unhelpful comments and being a total prat.
I have to sit in front of a computor for a living to pay taxes to keep people like yourself comfortable.

GET A LIFE

dunstonh

My point in all this with Leeds Building Society is that i was never given the opportunity to shop around for a better deal

And if I was handling your complaint I would ask for what evidence you have to back that up. What have Leeds done to prevent you from shopping around?

It's not an attack or a comment against you. It's the reality that they are not just going to roll over and take your word for it. Anyone can say anything about everything. You could be telling the truth but you could be telling lies. So, they will look at what you say. Look at your evidence and then look at what the lender has on file and then make a decision based on that. One question that would no doubt come to mind is to ask you how many times in the last 10 years have you asked Leeds if you could move your home insurance.

dynoman

Lunch Break. Lets see if we can clear this one up.

During my army career, i never really had to deal with major finances such as rent, food or utility bills. The only thing i had to worry about was if i had enough beer money to get me through the month. Anyway, first time buyer, hadn't a clue what i had to do to get a mortgage, enter the financial advisor.
Supposed to be proffessional about the way they conduct your mortgage application. Didn't realise they were proffessional con artists.
Told an endowment was the way forward and that my buildings insurance was compulsory to have with leeds building society.
My opinion at that time, this guy knows what he is talking about cos this guys a proffessional. I can afford the payments and this is the norm with buildings insurance. Wrong, after 2 years i got a warning letter stating that the endowment was not on target, contacted Leeds and switched to a repayment 5 year fixed and told again insurance compuolsory. 5 years later fixed rate finishes but theres no good deal with leeds so switched companys to be told to sort my own insurance out. Asked the question IS THIS NOT A COMPULSORY THING TO TAKE WITH YOUR COMPANY, answer NO.
Raised the same question with Leeds, the answer was NO, but i was told it was, Leeds NO it isn't we write every year to advise that your insurance is ready for renewal with the new quote, WRONG, never had these letters, it was automatically added to my mortgage, Leeds, thats cos you never responded to the letters of renewal we sent out. ERR WHAT LETTERS.
To sum it up, in a letter from Leeds, they have admitted that it was compulsory for the first year and then after that i had the option to get my own insurance and that i had been wrongly advised in the early days.

Doesn't change the fact they were charging me £600 plus interest a year for something i could have got a lot cheaper.
Just purchased a property double the figure of our old property and got cheaper insurance.
My problem is, i deal with a lot of paperwork at work, last thing i want to look at when i get home is more paperwork, you ever seen a builder rushing to do work on his own home?

Hope this makes things a little more clear regarding my situation and stops some of these stupid snipes.

roonaldo

dynoman wrote: »

Doesn't change the fact they were charging me £600 plus interest a year for something i could have got a lot cheaper..

There is NO interest charged on these policies, they do not incur interest.

dynoman

roonaldo wrote: »

There is NO interest charged on these policies, they do not incur interest.

Dimbledor, if its added to my mortgage then it is charged at the same rate of interest.

dunstonh

Anyway, first time buyer, hadn't a clue what i had to do to get a mortgage, enter the financial advisor.

You said you used the Leeds. So a tied sales rep of a building society. Most lenders dont use financial advisers but use mortgage clerks.

Wrong, after 2 years i got a warning letter stating that the endowment was not on target

Even the best endowments going paying big surpluses would be in shortfall after just 2 years due to the nature of the illustration method.

Raised the same question with Leeds, the answer was NO, but i was told it was, Leeds NO it isn't we write every year to advise that your insurance is ready for renewal with the new quote, WRONG, never had these letters, it was automatically added to my mortgage, Leeds, thats cos you never responded to the letters of renewal we sent out. ERR WHAT LETTERS.

There may be reasons why you havent had the post (like a mail suppression) but generally you find the information is also included on the mortgage statements with regards to what you are paying.

Doesn't change the fact they were charging me £600 plus interest a year for something i could have got a lot cheaper.

have you evidence that they charged you interest as lenders tended to add the premium to a non interest charging sub account or costed it monthly and collected it with the mortgage payment so no interest was charged. It would be rare to be charged interest.

My problem is, i deal with a lot of paperwork at work, last thing i want to look at when i get home is more paperwork, you ever seen a builder rushing to do work on his own home?

No excuse I'm afraid. If you ignore paperwork then you are only to blame. It comes with the responsibility of owning a house.

Hope this makes things a little more clear regarding my situation and stops some of these stupid snipes.

Its not sniping. Its responding to your comments. You just dont like the answers. If I was looking at this as a complaints handler then you are giving out enough information to shoot yourself in the foot. You should complain about not getting renewal notices for 10 years and ask them to investigate. That should resolve that problem. You can mention what you have said about it being compulsory and see what they say. They may find errors at their end which then lead to a goodwill gesture (a couple of hundred quid) but you wont get your premiums refunded as you would have had to have cover elsewhere.

Dimbledor, if its added to my mortgage then it is charged at the same rate of interest.

no its not with most lenders.

dynoman

I do agree with some of your points.
It is my responsability to check any important documents that i have, just been lazy and paid the price for it.

Letters missing in the post for all these years, doubt it.

The premium is clear to see with interest on my statements.

I do stand corrected, it was a Mortgage advisor and not a financial advisor that got me the mortgage.

Snipes, people like dumbledor, shrek or what ever their name is with nothing useful to input.

You must understand my frustration with this, feels like i've had my pants pulled down and had my bum smacked by a total stranger being Leeds building society. To top it off theres mpi on the account as well.

dunstonh

The premium is clear to see with interest on my statements.

Is the interest showing two entries? One for insurance, one for debt?

You must understand my frustration with this

Yes I do.

Which is why you should still complain. However, don't go into it expect much. You may get lucky. Banks are very scattergun in their approach. Sometimes they uphold complaints that should be rejected and vice versa. You may just get a goodwill payment. However, if you dont ask you dont get.