Virgin and house insurance

SMW87

Hi all,

Quick question.

I cant seem to find anything in my mortgage offer on this...do Virgin require you to list them as an interested party when buying insurance?

Thanks

S

caliew

Hi, I have worked in insurance for a number of years and have just left due to childcare. If you are buying a property then in some circumstances the mortgage company need to be noted on the insurance companies papers and vice versa so everyone is involved in financing your property for example the lender on the mortgage and the insurance company if they need to pay out on a valid claim (with the provider you choose to put your insurance with), you may be asked to provide that information when you get on the title deeds of a property that you intend to buy or perhaps when your solicitor instructs you to get a buildings policy underway on the completion date. This tends to be just noted on a buildings policy only.

Some mortgage lenders possibly would like you to have their buildings policy with them and some mortgage lenders may be quite happy for you as a consumer to choose who you would like to place your buildings policy with.

Hope this helps

kingstreet

SMW87 wrote: »

Hi all,

Quick question.

I cant seem to find anything in my mortgage offer on this...do Virgin require you to list them as an interested party when buying insurance?

Thanks

S

As your solicitor is responsible for adherence to CML Handbook requirement 6.14.2 you should direct your query to them.

They will be adhering to your lender's requirements for noted interest, or joint applicant (if either is required.)

SMW87

As per usual, thanks folks

ThePants999

When I remortgaged to Virgin, I wasn't required to get their interest noted on my policy. Now I'm moving home and porting my Virgin mortgage, my solicitors this time did require me to get Virgin's interest noted. No idea whether that's a change in policy, or the solicitors being slack the first time, or the solicitors being overzealous this time.