Questions on mortgage application

directdebit_3

I have received an application for a mortgage and it asks if the property will be unoccupied for 30 days in a row or for 60 days in total. Anyone know why they need to know this?

pknottm

that sounds like a standard home insurance question!
It's possibly a section on the mortgage application regarding insurance.

seven-day-weekend

You don't have to have your lender's insurance.

But any insurance company will ask you the same thing - it's pretty standard.

directdebit_3

I thought it was an insurance question but it is actually on the mortgage application section not insurance

Bear_family

Why don't you ask the company tomorrow why they need to know? You'll get the right answer and then can decide if it makes a difference to you.

silvercar

they could be checking if you will be actually living there!

ossie1_2

Lenders may want to know whether there is higher risk in lending you the money. If unoccupied above certain periods of time, either consecutively or over a period of a year, it may not fit within their normal policy. Also, they have to ensure they can obtain insurance for the property even if you are insuring it yourself. If unoccupied, could cause them problems.