Mortgage papers say i must pay them £50 to not to use their insurance and £25 a year thereafter ?
Quote -
"if you do not take out buildings insurance via *us* , we will charge you an intial fee of £50.00 and £25.00 will be charged every year on renewal."
surely they cannot
do this ?
either i pay them anything they ask for insurance (i have
already halfed their best quote by shopping around) or i pay them a fixed fee on top of my insurance for 25 years !
advice
.
Answer
I might be wrong, but i thought it was illegal to force somebody (which is basically what they are doing) to tie their insurance to their mortgage.i wouls do a search on the internet for the association of british insurers, and also for an association for mortgage lenders and see if you can get some nice advice.
