Re: Re: Buildings Insurance MUST be taken with Mortgage Provider

#107967
Anonymous
Participant

You are not obliged by law to take out insurance with your mortgage provider, though you are obliged by law to have building insurance and your mortgage provider must be a beneficiary. Also, some mortgages offer better terms if you take out other products like insurance (though that might be against consumer protection laws), so you need to make sure that isn’t one of the conditions of your mortgage. You need to check with a lawyer, but all in all it sounds like they might be trying to bully you into taking out insurance through them, which of course means more fees for them.