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When do i need to have insurance in place ?
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Dubito_ergo_sum
Posts: 84 Forumite
Hi
My mortgage application has just been sent for underwriting and the MA said they they 'like' to have building and life insurance in place no later than 1 week after its been sent for underwriting. He seems overly keen on the commission from flogging me their insurance products.
I thought both building and life insurance only need to be in place at completion, am I wrong ?
Thanks
My mortgage application has just been sent for underwriting and the MA said they they 'like' to have building and life insurance in place no later than 1 week after its been sent for underwriting. He seems overly keen on the commission from flogging me their insurance products.
I thought both building and life insurance only need to be in place at completion, am I wrong ?
Thanks
Never trust any stats you didn't fudge yourself ;o)
Personality profile: I.N.T.J.
Personality profile: I.N.T.J.
0
Comments
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Buildings cover on exchange of contracts, life cover not a requirement, it's your choiceI am a Mortgage AdviserYou 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.0
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Making an application does not mean it will go in force immediately.
As underwriting on life & illness cover can take a long time, it's worth applying early so the cover can be accepted and ready to go on risk at exchange of contracts, when you become legally obliged to purchase the property on the agreed completion date.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 -
Also shop around for best prices for both - you dot need to be with the lenders.0
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You want best value - not best prices.
No-one wants cheap insurance on claim day!I 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
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