Consent to Let on C&G mortgage

[Ignis Fatuus]

Let's hope OP never has to make a claim and the insurance company deem cover to be invalid because a "proper" BTL mortgage isn't in place

Surely the insurance would insure the property, not the mortgage - so if the property is a BTL then the insurance would need to be BTL insurance, but it wouldn't matter to the insurance company what kind of mortgage you have. I.e. how you got hold of the money to buy the house doesn't matter, what matters is that you have the house and want to insure it.

[vetran]

not had much experience with insurance companies then?

[alreadypacked]

not had much experience with insurance companies then?

+1

[alreadypacked]

Surely the insurance would insure the property, not the mortgage - so if the property is a BTL then the insurance would need to be BTL insurance, but it wouldn't matter to the insurance company what kind of mortgage you have. I.e. how you got hold of the money to buy the house doesn't matter, what matters is that you have the house and want to insure it.

If you bought a stolen car and insured it, then crashed it, would the insurance company pay out?

First they would check out the car/house.
Then they would say the original terms of the policy were not met.
Then they would cancel the policy.

HTH

[Lockhouse]

I am sure that by paying over the odds you could get the house insured for BTL under a normal mortgage as it's quite a common fraud. You'd need to find a friendly broker though.

[moggy]

I am sure that by paying over the odds you could get the house insured for BTL under a normal mortgage as it's quite a common fraud. You'd need to find a friendly broker though.

No one is saying they won't insure it... its the paying out that will be the problem.

[alreadypacked]

No one is saying they won't insure it... its the paying out that will be the problem.

+1

[geoff from contracta IOM]

Surely the insurance would insure the property, not the mortgage - so if the property is a BTL then the insurance would need to be BTL insurance, but it wouldn't matter to the insurance company what kind of mortgage you have. I.e. how you got hold of the money to buy the house doesn't matter, what matters is that you have the house and want to insure it.

I am aware that the insurance companies are not particularly concerned about the mortgage in place on the property but you must disclose to the insurance company that the property in on a residential mortgage and not a BTL mortgage at the time of application. The insurance companys risk profile is not alterered by the type of mortgage, only the type of occupier i.e. tenant and furnished or unfurnished. As always though make sure you tell them so they can't use it to wriggle out afterwwards if something were to happen.

[vetran]

I am aware that the insurance companies are not particularly concerned about the mortgage in place on the property but you must disclose to the insurance company that the property in on a residential mortgage and not a BTL mortgage at the time of application. The insurance companys risk profile is not alterered by the type of mortgage, only the type of occupier i.e. tenant and furnished or unfurnished. As always though make sure you tell them so they can't use it to wriggle out afterwwards if something were to happen.

yep there is a reason why they ask 'has the car been modified at all' its so they can avoid paying out if you have furry dice.