Mortgage lender's insurance requirements

steveandel

Hi all,
We are in the process of completing our first time buy and have just received our mortgage offer from Nationwide. In it are the buildings insurance requirements where it says....

"Where our security is a freehold title, the policy must be in yours and Nationwide's joint names. Where our security is a leasehold or feudal title, our interest must be noted."

We are buying a freehold property but I had been looking at setting up the buildings and contents insurance with my fiancee and I as joint policy holders as the deeds will be in both of our names as well. Is it actually possible to add a third party (Nationwide in this case) to the policy?? Most I've looked at so far only allow for two policy holders

Thanks in advance!

impy78

They do not require to be added as a policyholder, they wish to be noted as an interested party...this is separate and appears in a different part of your policy.

steveandel

Ok thanks for the reply but I'm still a bit confused. Why do they say freehold property requires them to be a joint policy holder whereas leashold their interest needs to be registered. Surely there is a difference between these? "In yours and Nationwide's joint names" can't just mean their interest has to be noted can it?