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house insurance and mortgage
trisha17
Posts: 1 Newbie
my house insurance was done through my mortgage company with the company that they used. This year though i had a look around and found a really good quote with another company - nothing to do with the mortgage company (Bristol and West) so i did not renew with their insurance company and i have now had a letter from them stating that they want £25 administration fee from me due to not renewing with them. Are they right in asking for this money? Also they want a copy of my insurance showing that their name is also on the policy as an interested party.
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Comments
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Yes they are entitled to do so.0
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Yes Trisha,
They can do that and its standard practice. Whether they should charge is a different argument.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
My understanding is that they can only do that if it was a condition of their mortgage in the fisrt place.
Read your mortgage terms and conditions to see it it's there.
In any case I do hope that the savings made by moving your insurance covers the £25 charge (if indeed you are liable for the charge).
Cheers.Tough times never last longer than tough people.0
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