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Is Life Insurance compulsory on a Buy to let mortgage or a business loan?


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Getting a mortgage and have been advised by the bank that Life Insurance is compulsory. Was quoted £45 a month and when I said that I would shop around was told that it wasn't worth it as I would have to get Lawyers involved to sign over the policy to the bank.

 

A quote through Aviva is £11 a month.

 

Are the bank right in this? How much will it cost for a Lawyer to sign over a policy saying that I will save over £300 a year.

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life ins is NOT compulsory on a std mortgage

not sure about buy to let

the only ins you MUST have in-place is buildings.

-

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I was specifically told that Lloyds has made this compulsory. Any way to confirm this? Tricky position..... If I take this up with them then I spoil my relationship if not then I get ripped off.

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who's saying this and is it in WRITING.

 

are they pointing you toward skittish widows par chance?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

is it in writing you must take it out

 

prob just verbal as the advisor wants the commission

that's whats it really all about

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Quite shocking really. You would think the banks would have learnt after the PPI saga.

 

Tricky situation... what would you do? If I complain my relationship manager will get angry and the so called relationship will go for a six. If I don't then I am a mug.

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cant see why the 'relationship manager' is doing it [bar fleecing you for the commission to their pocket]

 

have they had you on stuff before that you are not aware of

 

loans etc..

 

must think you are a soft touch if they've spoofed you in the past

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

you said mortgage

 

where did business loan cone into it?

 

as for those posters on MSE

 

you need to be very careful about what you read over there.

 

they are never questioned upon IF they are right.

 

if you look CAREFULLY

 

you'll see those 2 specific people ALWAYS advise on PPI/Life etc

 

and 9/10 say no you cant do this or that

for some really bizarre reasons sometimes.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

I no longer use MSE due to abuse you get if asking a simple question plus I cannot count the number of times I have seen incorrect advice posted. There are times though when good advice is posted as not all bad!

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no itgoes to the person naneed not them

 

spoof!

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 4 months later...

I took out a buy to let mortgage a couple of months back. My bank manager insisted that I needed Life Insurance and I can only take out one through them. I needed the mortgage and was a novice at it so thought to go ahead. Now checking every other bank does not insist on Life Insurance.

 

What are my options? Can I cancel the Life Insurance and go through a different company which is saving me almost £30 a month.

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yes cancel and reclaim it.

 

 

the only thing you must have in place is buildings.

 

 

he made a nice commission out of you.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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well if its in the t&c's you cant

 

 

if its in WRITING that you must have it

you must have it.

 

 

end of really.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • dx100uk changed the title to Is Life Insurance compulsory on a Buy to let mortgage or a business loan?
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