Mortgage offer received! When to get home/contents insurance?

sadiebobs · 21 February 2013 at 2:00PM

Hi!

We have finally received our mortgage offer! We are due to move in next month, but was just wondering when to search art organising our home/contents insurance? Will a credit search for this insurance affect the mortgage offer?

Thanks

Sadie

kingstreet · 21 February 2013 at 2:15PM

You need buildings insurance to start from exchange of contracts. Your contents cover can wait until the day you move in.

latecomer · 21 February 2013 at 2:15PM

It will be a condition of the mortgage that the property is insured so I wouldn't worry about it from that perspective. I would arrange for the insurance to be in place from the start of the day (i.e. midnight) on the day you get the keys

Let_Us_See · 21 February 2013 at 3:59PM

Nope. To prevent possible problems it should be from exchange of contracts when the vendor legally agrees to sell and you legally agree to buy. For instance, if the property catches fire between exchange and completion you are still legally bound to complete the purchase - and there is no firm guarantee the vendor has adequate, or even any buildings insurance in place (they could have cancelled on exchange to save a few pounds!!). Therefore, worth insuring on exchange even if it does cost a few more pounds. Provides peace of mind.