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Problem on Buildings Insurance


bmwman
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Hi

Hope somewon can help

 

Currantly going through a remortgage with SPML looked at some new paperwork to.

 

They want to charge me £50 for the first year and £25 for each consecutive year of the mortgage to arrange my own buildings insurance can they do this or is it a penalty charge for not using there insurerers

 

Many Thanks

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If you insure with someone other than the lender they chase you every year at renewal for a copy of the new policy, and they must be listed on the policy as an interested party. They then charge you the admin fee for this.

Consumer Health Forums - where you can discuss any health or relationship matters.

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I have heard of this, and that people are charged for it, but it's never happened to me.

 

I have my insurance through my Union, as it's cheaper.

 

My mortgage is through Morgan Stanley and they didn't charge me to insure elsewhere. They asked to be marked as an interested party on the BUILDINGS (but then so they should, as they HAVE an interest!!), which involved one short telephone call. They have never asked for a copy of the policy, other than the spare copy the Insurance co sent my solicitors for this purpose on completion.

 

I think it's a bit steep to charge YOU for them to do NOTHING and if, like me, their "own" insurance simply isn't suitable or financially worthwhile I would think it could be classed as a penalty to attempt to stop you going to a suitable insurer.

 

:confused:

2007 Issues ALL RESOLVED

2008 Issues ALL RESOLVED

£4,200 in charges claimed back succesfully from a total of 5 Creditors

2009 Issues ALL RESOLVED

NEXT Directory - No Agreement, No Further Action **WON**

2010 Issues

Court Claim from Black Horse - AOS 22.11.10, CPR 23.11.10

Assisting Daughter with Employment Tribunal for Wrongful Dismissal/Discrimination

 

:) My Head is officially out of the Sand :)

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One for my "No Thanks" list then gizmo!

 

:p

2007 Issues ALL RESOLVED

2008 Issues ALL RESOLVED

£4,200 in charges claimed back succesfully from a total of 5 Creditors

2009 Issues ALL RESOLVED

NEXT Directory - No Agreement, No Further Action **WON**

2010 Issues

Court Claim from Black Horse - AOS 22.11.10, CPR 23.11.10

Assisting Daughter with Employment Tribunal for Wrongful Dismissal/Discrimination

 

:) My Head is officially out of the Sand :)

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