House Insurance Question

Hummac

We are in the process of moving to a new home.

My father-in-law is taking out the mortgage for us but we are using the equity from our sale as well. We cannot get a mortgage as my husband started his own business 6 months ago.

The property will obviously be in my father-in-law's name but we will have an equitable interest.

I take it my father-in-law takes out the buildings insurance? And we do the contents?

Any help appreciated as this is not going to be my father-in-law's main residence and we are not renting it off him just paying his mortgage....

dalesrider

Given that you will be living in it and in efect paying the mortgage.

Why do you not take out buildings & contents ins.

All I'm thinking is if FIL takes it out it will have to be something along the lines of landlord ins. As he is not living at the property.

*Scarlett

You can get buildings and contents insurance in your own name but would need to declare that someone else has a financial interest in the property. You would need to also declare the financial interest of the mortgage company

Many mainstream companies can cover these situations.

Landlords insurance in your father-in-law's name would probably require there to be a tenancy agreement and attract certain conditions on the cover. The mortgage that he has may not allow for landord's insurance and as you are not actually renting from him it may not be suitable.

I would get a few quotes online for insurance in your own name and then ring any competitive ones to explain the circumstances and make sure all the details are correct.