This entry was posted on Thursday, May 31st, 2007 at 10:53 am and is filed under Property news. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
UK Property Market
independent property advice
Borrowers Warned About Lenders' Home Insurance and Life Insurance
A Post Office survey showed that approximately eight million home borrowers paid on average £127 more in order to buy home insurance and life insurance offered by their mortgage provider.
About 10 percent of borrowers questioned admitted that they chose to do so because they thought it was compulsory, while 5 percent felt that their chances of getting the mortgage would decline if they refused to buy the insurance. At the same time, 60 percent of borrowers acknowledged that they took insurance from their lenders because it was a more convenient option. Experts, however, state that this is not the best value for the money borrowers can get, as independent providers can offer better insurance deals. Moreover, buying home insurance and life insurance from the lender is not a compulsory criterion for obtaining the mortgage.
This article was written by Oliva Glover, she is a contributor to ModernCleo . Oliva is slowly becoming an authority on accent treatment.
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