Does this sound right?

Leanne200

We are buying our first house and our mortgage advisor picked out a mortgage product for us and we handed in all the neccessary documents etc and signed the paperwork and all was sent to the lender a week ago.

Today the mortgage advisor says that that lender has advised that that particular product has been withdrawn (saying they are not doing 90% mortgage, will only do 85%)

This happens the same day that the mortgage advisor is also informed by the insurers that we cancelled the extortionate insurance policies that were arranged but felt pestered into and didn't want when we realised it was going to cost £200 a month in total (dont get me wrong, I know they have a job too and it is commission based, but at the end of the day we care more about saving as much money as possible as lining someone else pocket... it may sound harsh but its true for anyone)

Anyhow, does this sound feasible? They are arranging another mortgage for us which we already have agreed in principle with a different lender albeit a little more expensive, but not surprisingly we have to go in to sign new paperwork which gives them an opportunity to try and discuss insurance again, as even on the phone they dont seem to want to give up on the insurance!!

Thanks in advance!

Leanne200

Also I wondered if anyone knows of any insurers that still provide 'unemployment only' insurance without accident/sickness cover please?

DVardysShadow

Is this mortgage advisor with the Estate Agent for the property you are going to buy?

Never ever as buyer, take financial, legal or any other service from the Estate Agent for the house you are buying.

Apologies if I am off the mark on this one, but it looks to me like you should be looking for a new mortgage advisor

Dave_Ham

DVardysShadow wrote: »

Is this mortgage advisor with the Estate Agent for the property you are going to buy?

Never ever as buyer, take financial, legal or any other service from the Estate Agent for the house you are buying.

Apologies if I am off the mark on this one, but it looks to me like you should be looking for a new mortgage advisor

Nope - I make you spot on...

Ok, I do not know your circumstances although £200 a month for first time buyers - you must be buying in Central London or be well and truly insured.

Which 90% product did they say was pulled and which one are you now going with..

Do not get emotionally or financially entangled in this property as assuming this is the agent you are buying through they will try and hold against you.

Assuming you are youngish, do not be afraid to take a parent to the next appointment and you will no doubt see a change of attack from the broker...

You should line anyones pocket, fair job done and we get fair reward - without £200 a month in policies...

Keep asking any questions on here - we are a friendly bunch and can hopefully ensure you get the right products for you...

kingstreet

Leanne200 wrote: »

Also I wondered if anyone knows of any insurers that still provide 'unemployment only' insurance without accident/sickness cover please?

I can think of four, off the top of my head, who offer stand-alone unemployment cover.

Spartan_Amy99

Kingstreet - would you be able to tell me who the four companies are that offer stand alone unemployment cover? As I didnt take any out because I couldnt find ones without accident and sickness cover...Thanks

kingstreet

Towergate
Legal & General
Select & Protect
Paymentshield

There may be more.

Leanne200

Thanks all for the replies, it is indeed an estate agent and quite near to London but not quite. Also spot on, first time buyer!

You are all very good!

I have researched more on insurance side of things, and now realise we dont need all of it at all and yes it was for everything imaginable!

My parents reccommend just life insurance, obviously we have to have B&C which is fine. ASU is a waste of money for me, I get decent sickness benefits at work and my job is extremely safe. I think my OH should have it though.

Somebody suggested checking my work pension to see what the payout would be in the event of death to rule out needing life insurance or not, and also death in service info, is this practical in anyones opinion?

Everywhere I have read says MPPI is not worth the paper it's written on so I am dubious about wasting my money on these products..

What does everyone else have out of interest? Any suggestions?

Thanks Kingstreet for that info I will have a look into those, as its something I may want to consider in the future!

Leanne200

Dave_Ham wrote: »

Which 90% product did they say was pulled and which one are you now going with..

Do not get emotionally or financially entangled in this property as assuming this is the agent you are buying through they will try and hold against you.

I don't remember the full details unfortunately, it was fixed rate 2 years though.. I called the lender directly today and asked them about it and they said they couldnt check without a mortgage account number but the woman thought it was odd, which then really raised my suspicions!

Dont worry I am growing increasingly detached from the property, almost considering pulling out as I hate being pressured and this insurance palava is ruining the good feeling I had about the whole thing.

It looks like we are going with my bank now instead.

Leanne200

Just bumping up for my questions on the insurance side of things as I am going to see them tomorrow.

Thanks

Dave_Ham

Insurances are so unique to your own circumstances no-one can really give a sensible opinion..

One opinion worth giving, is that if you are going to the bank now as your plan B they will about 30-40% more expensive than sorted yourself or through a broker.

Good luck...