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mortgage offer no buildings insurance
katiedog
Posts: 134 Forumite
hi i presently own my house (no mortgage). I do not have buildings insurance in place, i know i should. However i am converting this property into a buy to let property should i get residential insurance now or buy to let buildings insurance.
This property will also be mortgaged as i am taking some money out to buy a house to live in. The mortgage companies are processing my mortgage applications now. Will having no insurance be a problem for the mortgage company. Thanks for reading.
This property will also be mortgaged as i am taking some money out to buy a house to live in. The mortgage companies are processing my mortgage applications now. Will having no insurance be a problem for the mortgage company. Thanks for reading.
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Comments
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You'll need buildings insurance in place ready for completion.
If you will be letting the property soon, get landlord insurance now.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 -
insure your property - YESTERDAYI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Will having no insurance be a problem for the mortgage company. Thanks for reading.
Don't mean to scaremonger, but its a false economy not to have it even whilst you don't have a mge, when it is mortgaged it will be a breach of T&Cs not to have it..
Under a BTL, you will need a specific landlords policy, doesn't have to include contents, but it may be an idea given that it covers breakage of sanitary ware, decoration etc, and will be tax deductable as a cost of the business.
Hope this helps
H x0
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