Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Sareteegee
    • By Sareteegee 12th May 18, 6:36 PM
    • 11Posts
    • 0Thanks
    Sareteegee
    Buildings insurance and Life insurance
    • #1
    • 12th May 18, 6:36 PM
    Buildings insurance and Life insurance 12th May 18 at 6:36 PM
    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
Page 1
    • davidmcn
    • By davidmcn 12th May 18, 6:42 PM
    • 7,633 Posts
    • 7,762 Thanks
    davidmcn
    • #2
    • 12th May 18, 6:42 PM
    • #2
    • 12th May 18, 6:42 PM
    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.
    Originally posted by Sareteegee
    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.

    The best time to get life insurance is before you die But if it's related to mortgage liabilities, then completion.
    • Sareteegee
    • By Sareteegee 12th May 18, 6:43 PM
    • 11 Posts
    • 0 Thanks
    Sareteegee
    • #3
    • 12th May 18, 6:43 PM
    • #3
    • 12th May 18, 6:43 PM
    Great, I thought so!

    Thank you!
    • dunstonh
    • By dunstonh 12th May 18, 6:44 PM
    • 92,572 Posts
    • 59,876 Thanks
    dunstonh
    • #4
    • 12th May 18, 6:44 PM
    • #4
    • 12th May 18, 6:44 PM
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • amnblog
    • By amnblog 12th May 18, 6:58 PM
    • 10,456 Posts
    • 4,130 Thanks
    amnblog
    • #5
    • 12th May 18, 6:58 PM
    • #5
    • 12th May 18, 6:58 PM
    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.
    • ACG
    • By ACG 12th May 18, 7:21 PM
    • 16,822 Posts
    • 8,776 Thanks
    ACG
    • #6
    • 12th May 18, 7:21 PM
    • #6
    • 12th May 18, 7:21 PM
    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 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.
    • kingstreet
    • By kingstreet 13th May 18, 10:06 AM
    • 33,348 Posts
    • 18,039 Thanks
    kingstreet
    • #7
    • 13th May 18, 10:06 AM
    • #7
    • 13th May 18, 10:06 AM
    Answered in the duplicate thread in HBR&S.

    https://forums.moneysavingexpert.com/showthread.php?p=74279978#post74279978
    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.
    • kingstreet
    • By kingstreet 13th May 18, 10:08 AM
    • 33,348 Posts
    • 18,039 Thanks
    kingstreet
    • #8
    • 13th May 18, 10:08 AM
    • #8
    • 13th May 18, 10:08 AM
    The best time to get life insurance is before you die But if it's related to mortgage liabilities, then completion.
    Originally posted by davidmcn
    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...
    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.
    • davidmcn
    • By davidmcn 13th May 18, 10:25 AM
    • 7,633 Posts
    • 7,762 Thanks
    davidmcn
    • #9
    • 13th May 18, 10:25 AM
    • #9
    • 13th May 18, 10:25 AM
    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...
    Originally posted by kingstreet
    True! I'd go along with that.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,680Posts Today

8,475Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin