Is life assurance required before exchange?

PawelK

JDMCG wrote: »

I had exactly the same thing, they told me that I had to have buildings and life insurance in order for the mortgage to go ahead. Bare faced lies are not acceptable. Pushy sales tactics, whilst annoying, are not as bad as actual lies. Where was the location of this broker?

I am not sure I should disclose. Until I accept the offer and exchange, I actually realised he might be reading these forums too. Perhaps I should change my profile name first. Hahaha :rotfl:

ACG

PawelK wrote: »

I am not sure I should disclose. Until I accept the offer and exchange, I actually realised he might be reading these forums too. Perhaps I should change my profile name first. Hahaha :rotfl:

Was it a broker from this site?
Most of the brokers I know on here come across pretty decent.

PawelK

ACG wrote: »

Was it a broker from this site?
Most of the brokers I know on here come across pretty decent.

No as far as I am aware. I just think he may have a profile here or at leastbe reading stuff about mortgages.

ACG

Ah, well you are not doing anything wrong by stating the facts and asking a question. Your broker can not just cancel your application because you caught him pulling a fast one... That would be another complaint to deal with.

PawelK

ACG wrote: »

Ah, well you are not doing anything wrong by stating the facts and asking a question. Your broker can not just cancel your application because you caught him pulling a fast one... That would be another complaint to deal with.

I hope so. Interestingly, my initial broker was Alexander Hall but they couldnt get me a deal where lender includes more bonus than most lenders do. Without it, I could forget about 2 bed flat and only consider 1beds. So I was in a way having no choice of a broker and had to go with this one. :T

BLOW_FLY

PawelK wrote: »

That is what I thought. Thank you!
I can understand that ea can lie but a regulated broker? I will defnitely not be buying any insurance from them. And wondering if (after the offer is signed and exchange takes place) I can complain about him to the regulatory body?
He was such a good guy finding me a good offer, lol...

I'm trying to get my wife to take out separate life insurance, it's driving me nuts and I'm not a broker lol...... 😳

As others have said, it's quite important and and I wouldn't give your broker too hard a time about it 😉

BF

getmore4less

BLOW_FLY wrote: »

I'm trying to get my wife to take out separate life insurance, it's driving me nuts and I'm not a broker lol...... 😳

As others have said, it's quite important and and I wouldn't give your broker too hard a time about it 😉

BF

You should be insuring each others lifes if both on the mortgage as that is the issurable interest.

you insure her life and tell her you will be fine if she pops her clogs.

Then ask how will she manage the whole mortgage on her own or will ehe have to sell.

the biggy most miss is one becoming incapacitated and the other becoming a full time carer with loss of both incomes.


For a solo with no dependents having an outstanding mortgage on a property is not that big a deal for the administrator, money is probably better spent on reducing the debt.

The real advantage is likely to be young and healthy, relatively low premiums, which may come in handy if one does end up with kids.

tori.k

It's been hot maybe he was meaning building's insurance and just mistakingly said life instead. Most people have both where mortgages are involved.

amnblog

I will tell clients that personal insurances should be in place for exchange and that is a fact, that is when the buyer picks up the responsibility.

Suggesting a product (life insurance) where there is no need (no dependents) is a different issue and perhaps our OP and their broker have their wires crossed and the message is becoming confused.

A quiet word may be better than a complaint in this case.

Solicitors do not check for personal insurance on exchange for residential or buy to let mortgages. It is sometimes a requirement for commercial lending.

amnblog

PawelK wrote: »

I am an ACCA qualified so couldnt agree more with you on how important it is to care about our profession reputation. Especially that we let the society down badly in recent years (2008 and prior).

I must say I take exception to the inference of this statement Pawal.

Who are 'we' and who are 'society'?