is it compulsary life assurance with a spanish mortgage
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can you help
thanks lynda
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Banks have it as compulsory and it is not illegal, just check on rates.
Maria
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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I have just this minute beentold it is not compulsary by finance people?
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A prerequisite on my mortgage was to take out insurance. Not necessarily with the bank but I had to show a house insurance policy which was photocopied and placed in my file at the bank.
However, the bank has now sent me another home insurance policy and taken 207 euros out of my account to pay for it, this despite already taking out home insurance with another company.
I have written back to tell them I don't want it and to re-credit my account with the 207 euros. Good old Spanish banks.
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Also we had to have life insurance with our bank mortgage BUT not necessarily from the bank although we had to prove to them we had it.
I think this is pretty standard.
_______________________
 ' Do unto others as you would be done by'
Now a non-smoker ! 
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It is NOT compulsory to take out life Assurance for a mortgage as a general rule, it really depends on the lender. It is best to check from the outset as the premiums can be very hefty!!
Bobaol: was the separate insurance policy you took out drawn up with the lender named as beneficiary? If this was not the case it could be the reason for the bank to take this action - because the policy you took out did not meet thier criteria?
_______________________
Regards
Sharon
sharon@tmasspain.com
www.themortgageservicegroup.com
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