Mortgage with high subsidence excess

laurawilbraham

Has anyone managed to get a mortgage with insurance cover that has a higher excess for subsidence than normal? 
We have a history of subsidence in this property and although insured the excess is £5000 not the normal £1000. Any tips welcome.

K_S

@laurawilbraham Sorry the question isn't clear, are you asking if it's possible to take out a mortgage on a property with a history of subsidence?

If so, the answer is that it will depend on the details, won't be for all lenders but there should be options if the required repairs have been undertaken and can be adequately evidenced.

The excess being £5k and not £1k might just be because whoever arranged the insurance needed to keep the premium affordable.

laurawilbraham

It has had repairs and been monitored and has a certificate of structural adequacy now.
Yes want to take out a mortgage but seems that lenders want the insurance to have the normal terms (i.e no increased excesses.)

K_S

laurawilbraham said:

It has had repairs and been monitored and has a certificate of structural adequacy now.
Yes want to take out a mortgage but seems that lenders want the insurance to have the normal terms (i.e no increased excesses.)

@laurawilbraham If it's all fixed and has the necessary certs, I doubt that the insurance terms are going to be a showstopper for all lenders. If you haven't already, I would recommend getting in touch with a broker to see what options they present. Do be clear and upfront as to the history so they know what the issue is.
The MSE guide here can help in that https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/

dunstonh

Has anyone managed to get a mortgage with insurance cover that has a higher excess for subsidence than normal? 

Mortgage and insurance are two different things.

We have a history of subsidence in this property and although insured the excess is £5000 not the normal £1000. Any tips welcome.

Movement or subsidence?  Movement is far more common but many mistakenly refer to it as subsidence.   

Either way, if the lender is happy, they won't really care what the subsidence excess on the insurance is.

K_S

dunstonh said:

Has anyone managed to get a mortgage with insurance cover that has a higher excess for subsidence than normal? 

Mortgage and insurance are two different things.

We have a history of subsidence in this property and although insured the excess is £5000 not the normal £1000. Any tips welcome.

Movement or subsidence?  Movement is far more common but many mistakenly refer to it as subsidence.   

Either way, if the lender is happy, they won't really care what the subsidence excess on the insurance is.

@dunstonh Just want to point out that some lenders can require that the subsidence excess not be over 1k for the home insurance. It's usually worded like this - "has an excess that is reasonable and not more than £1,000 for claims for subsidence, landslip or heave.". 

Some might simply specify that "must be able to have buildings insurance arranged upon it" in which case the size of excess isn't necessarily an issue.