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Buildings insurance for mortgage
Ms_Sophia
Posts: 182 Forumite
Hi everybody.
We are buying a new build which comes with the 10-year NHBC warranty and insurance cover. My question is (sorry if it's silly... new to all this
)
- does this replace the buildings insurance that we have to have for a mortgage? i.e. having the above we don't have to take any buildings insurance?
or are they completely different things?
thanks in a advance
We are buying a new build which comes with the 10-year NHBC warranty and insurance cover. My question is (sorry if it's silly... new to all this
)- does this replace the buildings insurance that we have to have for a mortgage? i.e. having the above we don't have to take any buildings insurance?
or are they completely different things?
thanks in a advance
0
Comments
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NHBC warranty is not at all the same thing as buildings insurance.0
-
An NHBC certificate gives you a warranty for build quality for the first ten years and covers installations like heating for the first two.
Buildings insurance covers issues like flood, fire, malicious damage, theft and accidental damage and you must have this cover if you have a mortgage.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks guys. So they're not the same thing. I see 0
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NHBC = things that were done wrong before you bought but you only find out about later.
Buildings insurance = things that go wrong after you buy.0 -
The warranty is not worth the paper it is written on..insider system..funded by the buildersIt is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0
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