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  • FIRST POST
    • MrsDay83
    • By MrsDay83 14th Mar 18, 7:59 PM
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    MrsDay83
    Mortgage Offer Received - Car Insurance due
    • #1
    • 14th Mar 18, 7:59 PM
    Mortgage Offer Received - Car Insurance due 14th Mar 18 at 7:59 PM
    Hi, new to forums. We are in the process of moving and received our mortgage offer on Friday. Our car insurance renewal is due this week, but our mortgage advisor has put in their offer email the following:
    "I must also state that we have informed you that making any future changes to your credit profile before completion could affect your mortgage offer. This includes but is not limited to opening a bank account, taking out a credit card, applying for personal loans, obtaining online insurance quotes and not maintaining payments on current credit commitments."

    Is this true?? Or is it to make you take out the buildings and contents insurance through them rather than finding our own?
Page 1
    • amnblog
    • By amnblog 14th Mar 18, 8:26 PM
    • 10,456 Posts
    • 4,130 Thanks
    amnblog
    • #2
    • 14th Mar 18, 8:26 PM
    • #2
    • 14th Mar 18, 8:26 PM
    Credit searches have become a feature of insurance quotations in recent years. We frequently see multiple searches on the files from comparison websites.

    I would not expect such a set of searches to compromise your offer unless you were very marginal but avoiding such searches is the safe approach.

    You could just renew with your current provider, but argue with them first to get down the inflated renewal figure they are sure to give you.
    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.
    • anniecave
    • By anniecave 14th Mar 18, 9:01 PM
    • 2,189 Posts
    • 705 Thanks
    anniecave
    • #3
    • 14th Mar 18, 9:01 PM
    • #3
    • 14th Mar 18, 9:01 PM
    If you do want to search for car insurance online, you could use "dummy" details to get an idea of which providers would give the best option, then go directly to your chosen provider. Do you currently pay monthly for the car insurance?

    I would also consider the fact that the new property could be a completely different premium to the old property. You could consider getting quotes at both postcodes from any potential providers.
    Indecision is the key to flexibility.
    • Richard_Pia
    • By Richard_Pia 14th Mar 18, 9:42 PM
    • 62 Posts
    • 31 Thanks
    Richard_Pia
    • #4
    • 14th Mar 18, 9:42 PM
    • #4
    • 14th Mar 18, 9:42 PM
    Nothing to worry about I would say. In over 10 years of advising on mortgages I've never known for a car insurance search to cause a mortgage offer to be withdrawn. The only thing a lender could be concerned about is if the new premium is significantly more expensive, as this could impact affordability. Even then it is unlikely they would make any enquiries into this.
    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.
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