Do i need to update mortgage lender on new buildings insurer?

Legacy_user
Legacy_user Posts: 0 Newbie
in Mortgages & endowments
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:

Comments

  • Bermonia
    Bermonia Posts: 977 Forumite
    First Post
    You do not need to update your mortgage provider
  • LRmortgage
    LRmortgage Posts: 484 Forumite
    First Anniversary Name Dropper First Post
    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 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.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    Thankyou both! :)
  • kingstreet
    kingstreet Posts: 38,754 Forumite
    First Anniversary Name Dropper Photogenic First Post
    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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