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Insurance admin fee on mortgage
white80_2
Posts: 1 Newbie
Hi,
Wondering if anyone else has been in the same situation as me.
I'm in the process of buying a house and applying for a mortgage. The mortgage provider I have applied to has informed me that unless I take out their buildings insurance they will charge me a £27 initial admin fee followed by a £5 admin fee every year following that. They claim it is so they can ensure that the building is actually insured.
Is that normal? I've never heard of that before and my current mortgage company don't charge me anything (albeit I currently own a flat so the managing agent has to take care of the insurance and I don't get a choice in the matter).
Thanks in advance.
Wondering if anyone else has been in the same situation as me.
I'm in the process of buying a house and applying for a mortgage. The mortgage provider I have applied to has informed me that unless I take out their buildings insurance they will charge me a £27 initial admin fee followed by a £5 admin fee every year following that. They claim it is so they can ensure that the building is actually insured.
Is that normal? I've never heard of that before and my current mortgage company don't charge me anything (albeit I currently own a flat so the managing agent has to take care of the insurance and I don't get a choice in the matter).
Thanks in advance.
0
Comments
-
Yes, some lenders do levy a fee if you don't use their own insurance co.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
It's normal.
Do theirs, or do your own and pay.
Work out the difference.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
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