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Buildings insurance and Life insurance
Sareteegee
Posts: 27 Forumite
Hi All,
Does anybody know when the best time is to get Buildings insurance and Life insurance because our mortgage broker is pushing for us to get it as soon as possible but I don't see the point in getting and paying for it now because we haven't even had our mortgage approved yet and completion wont be for another few months.
Thanks in advance
Does anybody know when the best time is to get Buildings insurance and Life insurance because our mortgage broker is pushing for us to get it as soon as possible but I don't see the point in getting and paying for it now because we haven't even had our mortgage approved yet and completion wont be for another few months.
Thanks in advance
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Comments
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Buildings insurance isn't needed until exchange (if you're buying a non-newbuild house in England & Wales) or completion (otherwise). Absolutely no point getting it early.Sareteegee wrote: »Does anybody know when the best time is to get Buildings insurance and Life insurance because our mortgage broker is pushing for us to get it as soon as possible but I don't see the point in getting and paying for it now because we haven't even had our mortgage approved yet and completion wont be for another few months.
The best time to get life insurance is before you die But if it's related to mortgage liabilities, then completion. 0 -
Great, I thought so!
Thank you!0 -
Exchange of contracts is typical. Normally you prepare the life assurance in advance but leave it pending start date until exchange. Just in case it takes longer through underwriting.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Apply for both now, put it place on exchange, not completion.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
As others have said.
The reason to apply now would be if there are any issues, they can be worked through at the same time as your mortgage rather than once the mortgage has completed leaving you uninsured.
Another thought also is if your insurance is offered at standard rates and one of you die in the interim, some insurance policies will still pay out. If you die prior to applying then they wont.I am a Mortgage AdviserYou 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 -
Answered in the duplicate thread in HBR&S.
https://forums.moneysavingexpert.com/discussion/comment/74279978#Comment_74279978I 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.0 -
Liability to purchase the property on agreed completion date remains with the estate should death take place after exchange of contracts?The best time to get life insurance is before you die But if it's related to mortgage liabilities, then completion.
I suspect death of an applicant would be the kind of issue to cause a lender to withdraw a mortgage offer...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.0 -
True! I'd go along with that.kingstreet wrote: »Liability to purchase the property on agreed completion date remains with the estate should death take place after exchange of contracts?
I suspect death of an applicant would be the kind of issue to cause a lender to withdraw a mortgage offer...0
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