Spanish Property Insight › Forums › Spanish Property Forums › Property Questions & Answers › Mortgage Questions › Buildings Insurance MUST be taken with Mortgage Provider? › Re: Re: Buildings Insurance MUST be taken with Mortgage Provider
It sounds as though they are taking an over judicious approach to what is internally called ‘KYC’ (Know your Customer) which also builds a profile to assist is spotting Money Laundering. In terms of offering proof i.e. payslips …. I’d just ignore them and their ‘health check’. Barclays is not alone in wanting to know a lot more about their customers and in my opinion are using AML (anti money laundering) and KYC as a way of gathering marketing information to look for cross-selling opportunities for other financial products.
In THEORY, banks can ask that you provide evidence that your circumstances (in terms of ability to pay) are the same as when you took out the mortgage but it is EXTREMELY rare and is mainly confined to commercial mortgages.
With regards to having to take out insurance …. absolute tosh, as you have obviously had their mortgage product for some time and if you didn’t sign up to it as part of a ‘discounting deal’ on your interest rate, then ….. just ignore them. ‘Spanish Law’ they say ….. get them to tell you which law this is in writing ….. I think you may find they crawl back under their rock.