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    • Polly05
    • By Polly05 13th Jul 12, 7:34 AM
    • 204Posts
    • 112Thanks
    buildings insurance when buying a house
    • #1
    • 13th Jul 12, 7:34 AM
    buildings insurance when buying a house 13th Jul 12 at 7:34 AM
    Hi, quick question,
    I'm applying for a mortgage + I need to include details of insurance for the house. But surely I dont buy insurance for a house that isnt mine, before i know if they'll give me a mortgage for it?
    Do insurance companies have some kind of system where u sign up for insurance but not til some point in the future + they give u details to quote?
    Sorry, I just don't understand how it works!
Page 1
  • casualwalks
    • #2
    • 13th Jul 12, 8:16 AM
    • #2
    • 13th Jul 12, 8:16 AM
    In my experience you don't need the insurance to receive a mortgage offer, however you will need to insure the house for exchange.
    • kingstreet
    • By kingstreet 13th Jul 12, 8:37 AM
    • 33,185 Posts
    • 17,923 Thanks
    • #3
    • 13th Jul 12, 8:37 AM
    • #3
    • 13th Jul 12, 8:37 AM
    I do quotes for my clients at the point we apply for the mortgage. During the mortgage processing I go back and do the insurance applications.

    The insurance is left pending until we have an exchange date, then the buildings cover is put in force.

    Contents cover commences at completion.

    Good luck trying to do that on a comparison site.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
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