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home insurance and building society
thebull
Posts: 180 Forumite
Someone has said to me that I must inform my mortgage supplier ,in my case "NRAM" ,when I take out my buildings and contents insurance..
Is this true ??
Is this true ??
0
Comments
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It's a condition of your mortgage that you have sufficient buildings cover, i.e. The lender's asset (the house on the land) would be rebuilt/repaired to the same standard should something happen to it. They don't care about the contents, though.
My lender is quite old-fashioned and I have to tell them each year who my buildings cover is with, and the policy number. Some lenders still just trust you to do this as you've signed an agreement to say you will.Mortgage Free thanks to ill-health retirement0 -
will ring NRAM on Monday and check .
Thank you for your help .0 -
I can remember when our then BS ( N & P) made us take their insurance cover or " pay a fine " to take one from another company,i think it was £100 but my memory is not that good, it was in 1991
Ganga0
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