Buildings Insurance - Joint names with Lender

Glamazon

I am buying a house and the buildings and contents insurance are £40 per month if I go through my mortgage lender.
However, I can get it £20 cheaper with Sainsbury's Home Insurance and the policy covers everything my lender requires. The problem I have is that we need to complete quickly and the mortgage lender has to have their name on the insurance policy.

Can i just ring Sainsbury's and ask them to do the joint names and then send it to my solicitors for them to pass onto the lender for approval?

Advice appreciated from a FTB who's very stressed
I'm never moving house again!!!!

Oscar_The_Grouch

Hi Glamazon

I hope everything goes well with the house purchase. 2 things to do:

1. Phone the mortgage company and make sure there are no charges for NOT using their insurance. If there are, some insurers will pay those for you if you let them know about it.

2. Get a copy of the policy schedule to your solicitor asap and make sure it starts from the right date. You are required to insure the new home from the date of EXCHANGE, not the date of COMPLETION and the sooner you can get the policy to them, the more time they will have to make sure your mortgage company are happy.

There should be nothing to stop you from taking the policy with Sainsbury's and one of the standard questions on home insurance is "do you have a mortgage and if so, who is it with?". The insurer then should automatically note them on the schedule. The policy will still be in your name only, because your bank can't note their interest in your contents!!

All the best

Glamazon

Thanks that is really helpful. I will get onto them on Monday!

Thanks again :j