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  • FIRST POST
    • MatthewAinsworth
    • By MatthewAinsworth 12th Jan 19, 7:47 PM
    • 3,110Posts
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    MatthewAinsworth
    Do i need to update mortgage lender on new buildings insurer?
    • #1
    • 12th Jan 19, 7:47 PM
    Do i need to update mortgage lender on new buildings insurer? 12th Jan 19 at 7:47 PM
    Hi everyone, hope youre all well

    Just switched buildings insurer, they didnt ask who my lender was, do i need to update my mortgage lender on this or will they be able to see it all in a database like with car insurance?

    Thank you
Page 1
    • Bermonia
    • By Bermonia 12th Jan 19, 8:25 PM
    • 110 Posts
    • 72 Thanks
    Bermonia
    • #2
    • 12th Jan 19, 8:25 PM
    • #2
    • 12th Jan 19, 8:25 PM
    You do not need to update your mortgage provider
    • LRmortgage
    • By LRmortgage 12th Jan 19, 11:15 PM
    • 126 Posts
    • 35 Thanks
    LRmortgage
    • #3
    • 12th Jan 19, 11:15 PM
    • #3
    • 12th Jan 19, 11:15 PM
    You don’t need to update your mortgage provider.
    However some insurers will allow you place a note on the policy that XYZ lender has an interest in the property.
    • MatthewAinsworth
    • By MatthewAinsworth 14th Jan 19, 10:48 AM
    • 3,110 Posts
    • 1,235 Thanks
    MatthewAinsworth
    • #4
    • 14th Jan 19, 10:48 AM
    • #4
    • 14th Jan 19, 10:48 AM
    Thankyou both!
    • kingstreet
    • By kingstreet 14th Jan 19, 11:19 AM
    • 34,617 Posts
    • 18,828 Thanks
    kingstreet
    • #5
    • 14th Jan 19, 11:19 AM
    • #5
    • 14th Jan 19, 11:19 AM
    Ask your lender if it needs its interest noting.

    Many do.

    You may find if your lender's interest was noted in the previous cover, the insurer will notify the lender the cover has ended and this may result in a letter from your lender reminding you of your obligations.

    It may also have been sensible to check your lender's cover requirements are met by the new policy. Typically, there is a minimum requirement set out in the UK Finance Lender's handbook (used to be CML Handbook reference 6.14.2).
    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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