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Mortgage Lender's Insurance
boybeck
Posts: 119 Forumite
I'm just about to sign on the dotted line for a Bristol and West interest only buy-to-let mortage.
The paperwork says if I decide not to take out buildings insurance with Bristol and West then they'll make a charge of £25. Cheeky !!!!!!s! Is this common practice?
The paperwork says if I decide not to take out buildings insurance with Bristol and West then they'll make a charge of £25. Cheeky !!!!!!s! Is this common practice?
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Comments
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It is with some lenders but they're getting fewer. I'd get a quote off them first..you may find that you'll easily recover the £25 by doing it yourself. Not sure how cheap / expensive B&West's insurance is.0
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I think it is only reasonable that B&W safeguard their money by insisting the insurance is adequate. £25 to check another company's policy seems reasonable.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Especially in the current climate, I think this is fair. Most insurance policies don't cover BTL properties, but I've seen non-BTL policies sold by advisors trying to hit their targats. Therefore the lender has to make sure their investment is covered, and it's fair for them to charge for their admin fees in doing this.Gorgeous_George wrote: »I think it is only reasonable that B&W safeguard their money by insisting the insurance is adequate. £25 to check another company's policy seems reasonable.0
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