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Changing Insurance Company GMAC charge a £40 Fee!!


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My buildings insurance was up for renewal and managed to save myself £60 a year by switching to another company, I sent off my new policy details to GMAC who have charged me £40 admin fee for this!! They have advised me to send a cheque for £40 otherwise it will be added to my mortgage and will accrue interest. This does seem unfair, surely I can choose who I want to insure my property as long as I meet GMACs requirements.

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This is a high but normal charge for reviewing the details of the insurance policy. All lenders do it. To be fair they do have to make sure that their interests are protected eg you're not insuring for a massively understated rebuild cost.

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