Nationwide asking us to include them in insurance

kingstreet

davidmcn wrote: »

The CML Handbook no longer refers to having the lender's interest noted (if you can see 6.14.2 you're looking at an out of date version) - I think the Nationwide is now unusual if it's still asking for it as part of their mortgage conditions.

Thanks.

TBH I was looking at an old file's confirmation letter because I couldn't remember it off the top of my head.

rtho782

We completed May 31st this year, Nationwide is our lender, they didn't ask for this.

Our insurance company is Admiral as well. Nationwide wanted some stupidly extortionate amount for insurance.

FBaby

That was in our conveyancing papers as a requirement. I wrote back saying insurance already in place and wasn't going to change. They said that and it proceeded without problems!

Fosterdog

I've also just taken a mortgage with Nationwide and there was nothing in mine about them being named on the insurance. I've just double checked all of the paperwork and there is no mention of it at all, the only the it says is that we have to have insurance and specified the rebuild value we had to insure for.

abillybob94

Thanks for all your help guys Our house is a brand new house and so we struggled to find a company that would let us manually enter an address because if you're required to enter a post code it won't show our house in the list.

Surely as we have already exchanged and showed our solicitor all the documents who has just come back and said they're fine then there shouldn't be any issue?

Small_Yeti

Hi,

I just thought I would weigh in on this as I'm an insurance professional. There was no such law passed in 2012 (other laws were passed in 2012 but none that had this impact). So long as your lenders have an insurable interest in the property they can be named on the policy. You are definitely being told a load of hokum!

Definitely let us know what law they are referencing - I will be delighted to enlighten them as to what the law actually covers and point out how they are wrong.

Enjoy your new house when you move in!

e13

My mortgage is with nationwide and they didn't ask for this. I just sent my "yes you're insured" email to the solicitor and it was fine! Hope all works out!