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Does paying for home insurance monthly affect credit score?
AndyDufresne
Posts: 65 Forumite
I have a mortgage offer and will hopefully be exchanging on my house purchase soon.
If I pay monthly for my home insurance, I would imagine that this will carry out a hard credit check on my credit report. It is my understanding that the lender (NatWest) will do another hard credit check before completion to check that I have not acquired any additional debt.
Will my lender care about this additional credit agreement?
Thanks in advance
If I pay monthly for my home insurance, I would imagine that this will carry out a hard credit check on my credit report. It is my understanding that the lender (NatWest) will do another hard credit check before completion to check that I have not acquired any additional debt.
Will my lender care about this additional credit agreement?
Thanks in advance
0
Comments
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I think lenders generally don't care about "normal" applications for credit which you'd expect around the time of a house move such as insurance or utilities, it's unexpected new (and potentially significant) lending they'd be concerned about.
I suppose the obvious first question is whether you need to pay monthly for the insurance? It's not generally the money-saving way to do it.1
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