JimmyRB5PRO

Buying a new house and am now starting to look at these - who uses what ? Have been advised that nowadays its cheaper to do direct rather than through the mortgage company ???????

any one any thoughts idea's - who's good / bad etc

cheers

P1-Brad

Payment Shield are supposed to be excellent for B&C ... but I think you need to go through an intermediary.

HTH

Bradders

fast bloke

It is cheaper to do it all through Tesco, but as a general rule concerning insurance, you get what you pay for. Check what is covered on each different type of policy. Critical Illness policies cover between 8 and 32 different illnesses. You pay a lot less to cover against 8 illnesses. Same goes for building and contents. Some will cover personal possesions away from home, personal money, stuff in the garage or shed, accidental damage, accidental breakage etc etc etc. Others cover very little and try never to pay out in the event of a claim, so they can afford to charge much smaller premiums.

JimmyRB5PRO

cheers Bradders .............................. any more from any others - anyone used or heard of Hiscox for example????

cheers

Drunken Bungle Whore

Good luck to you - I'm in exactly the same boat and the insurance companies are doing my head in!!!

You can get some good quotes at moneysupermarket.com but here's where the trouble starts!

Our mortgage company is insisting on being listed as an 'interested party' before they'll proceed to exchange. Barclays seem able to do this with no problems - but Halifax are telling me they can't list someone as an 'interested party' until the policy is live.

I've just spent 10 mins on the phone explaining to them that the policy can't become live until exchange (because you can't insure a place you have no insurable interest in). But we can't get to exchange because the mortgage company won't let us until they're listed as the 'interested party'. Aaaarrrrggghhhhhh

Halifax were cheaper, but frankly I can't be ar5ed - I can't be the only person who needs to do this - surely there must be a system.....?

fast bloke

DBH - Your mortgage company isn't involved in exchange. The solicitors should exchange contracts, at which point you become an interested party. The mortgage company isn't an interested party until drawdown, which is on completion date. You will be able to put the insurance on risk from exchange and get the schedule to the solicitor before completion.

fast bloke

p.s. - If you have used one of those nice mortgage broker type chaps they should sort all this for you

Drunken Bungle Whore

Cheers FB! Will contact nice broker lady and see what she says!

Alas

Check out Income Protection policies rather than Critical Illness. I took this out about 10 years ago and now my kidneys have decided to pack in, its been worth its weight in gold.
It was originally with Zurich but now they are owned by Windsor Life.

NotoriousREV

www.moneysupermarket.com

fast bloke

You should have

Mortgage Life cover
Mortgage Critical Illness Cover
Accident Sickness and Unemployment Cover to kick in after 30 days or the end of your full pay period
Mortgage Payment Insurance - kick in at the end of ASU
Family and Personal income Life cover
Family and Personal income Critical Illness cover
Income Protection benefit to cover any gaps in the above
Buildings insurance
Contents Insurance

It is what the FSA are now calling 'The Fully Protected Mortgage' and 'Sustainable Home Ownership'

The main problem s that you will have to take a second job to pay for all the insurance and you will work so hard you will have a heart attack and die......but hey - At least you are covered.

Talk to someone who can look at your circumstances and make a recommendation based on what you really need v's affordability. The FSA don't let us sell this stuff for a laugh