Long term rental

We were due to complete today and then suddenly the bank has said it is obligatory to take out Loan Insurance with them - they say it is not contents insurance nor life assurance? Does anyone know what this is, whether it is needed  and how much it is? We are boorrowing less than 70% so I assume its not like the Indemity premiums over here for mortgages of 100%

Thanks

Rebecca

Hi Rebecca,

Sounds like life insurance to me, I have heard about this kind of thing bieng sprung on people at the last minute so we made a big thing about it with both our solicitor, and lender saying that we would not have it if pressured at the notary. Whatever you are tied into can only be for a year, thereafter I think you can pull out.

Good luck