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Buildings insurance from exchange
Lauren555_2
Posts: 21 Forumite
Hi all,
I'm pretty much ready to exchange on the property I'm purchasing and hoping this will happen on Monday. For my mortgage, I need to have buildings insurance in place from the date of exchange for the whole mortgage term.
I read somewhere on here that once a mortgage has been agreed and before exchange/completion takes place you should avoid having any credit searches against your name and don't take out any extra credit. Does this also apply to a search on comparethemarket or similar for buildings insurance? Maybe this is a stupid question, I just don't want to do anything to cause risk at this late stage!
The insurance will be a quick thing to arrange on Monday, I expect. Do I need to do anything particularly special considering I haven't actually bought the flat yet, or is it just a standard buildings insurance quote search?
Apologies for the stupid questions, my solicitor was out of the office today, and I had planned to ask her these questions today!
I'm pretty much ready to exchange on the property I'm purchasing and hoping this will happen on Monday. For my mortgage, I need to have buildings insurance in place from the date of exchange for the whole mortgage term.
I read somewhere on here that once a mortgage has been agreed and before exchange/completion takes place you should avoid having any credit searches against your name and don't take out any extra credit. Does this also apply to a search on comparethemarket or similar for buildings insurance? Maybe this is a stupid question, I just don't want to do anything to cause risk at this late stage!
The insurance will be a quick thing to arrange on Monday, I expect. Do I need to do anything particularly special considering I haven't actually bought the flat yet, or is it just a standard buildings insurance quote search?
Apologies for the stupid questions, my solicitor was out of the office today, and I had planned to ask her these questions today!
0
Comments
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Searching for insurance on a comparison site will not affect your credit - it is not a credit search.
Shop around now. Find the insurer you want to use. Print off their online quote and insurance policy document. Send to your solicitor, to satisfy the mortgage lender that you will be insuring.
As soon as your solicitor tells you you have Exchanged, pay for and activate the policy.0 -
Cheers, very helpful!0
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