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Do i need to update mortgage lender on new buildings insurer?
Legacy_user
Posts: 0 Newbie
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:beer:
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:beer:
0
Comments
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You do not need to update your mortgage provider0
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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.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 -
Thankyou both!
This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
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.0
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