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3 Oct 20, 09:21 AM |
#1
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Imagineer
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Noting Bank’s Interest on Home Insurance
I hope someone can help.
My husband and I have sold our previous house, and we’re living with my parents waiting for our next purchase to go through. Our new mortgage is with Barclays, as HSBC were not being helpful, and Barclays require their interest in the property to be noted on our home insurance. We have to produce a copy of the insurance certificate to be able to draw down the mortgage. This is a new thing for me. I’ve never seen the option when getting quotes online to add a bank’s interest. Is it something which is standard and I just need to phone my chosen insurer? Or am I restricted on who will do this? Any help appreciated.
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3 Oct 20, 09:25 AM |
#2
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VIP Dibber
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Start with your insurer. The old point of sale software I used would let you add a mortgage company's interest, but I haven't seen it done it 10 years, and about 3 different POS's. They may be able to contact one of the back office teams, or tell you who to contact to get it listed.
It's certainly not anything unusual or new, though. /Mo |
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3 Oct 20, 09:38 AM |
#3
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VIP Dibber
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Not unusual, and something that has always been the case with some insurers as far as I am aware. I have had to do this before when I had a mortgage.
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3 Oct 20, 09:39 AM |
#4
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VIP Dibber
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I haven't had a mortgage or worked for an insurance company for about 10 years, but it used to be standard practice for their interest to be noted on a buildings policy.
Back in the day when I worked in insurance we were regularly being asked to do this as they have an insurable interest in the property.
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DVC Member BCV, BLT & VGC |
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3 Oct 20, 10:08 AM |
#5
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Imagineer
Join Date: Mar 12
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Usually the question is asked about possession through the question of is it rented, mortgaged or owned.
Selecting mortgages is usually enough to register a mortgage providers interest. Some do however want a lower level and their actual details registered but usually just answering the question is enough. |
3 Oct 20, 10:12 AM |
#6
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Imagineer
Join Date: Apr 09
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I have found Barclays very difficult to deal with - all individuals nice but all give contradictory advice. Currently remortgaging with them and they only wanted to see proof of buildings insurance rather than being noted. Can you ask someone else or is is a condition of your mortgage offer ?
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3 Oct 20, 11:41 AM |
#7
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Thread Starter
Imagineer
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We have to produce an insurance certificate which notes their interest before we can draw down.
My brother is buying his first house and mortgage is with Barclays, and he’s been told the same thing by his conveyancer.
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