Will your Mortgage Lender charge a fee if you buy your Life Insurance from someone else?

No! By law mortgage lenders are not allowed to charge a fee if you buy elsewhere.

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

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If you’re asked to supply more information or go for a medical, will the premium increase?
No, not necessarily. If you’re asked for more information or to have a medical it does not automatically follow that your premium will increase. To put this in context, in our experience 88% of people who apply for life insurance qualify for the price first quoted.
Will your medical history affect your premium?
Yes, your medical history is a very important factor.
If your insurer asks for a higher premium because you are Rated, is it worth applying to another insurance company?
We do not think so. Why? Read on.
Why is Mortgage Life Insurance cheaper than normal Life Insurance?
Mortgage Life Insurance is a particular type of insurance designed specifically for people with a repayment mortgage.
What happens If I stop Paying my Premiums?
Your policy will be automatically cancelled. If this is what you want you need take no action and your insurance cover will cease. You have no commitments to make further payments.
From time to time confusion can arise in this area because mortgage lenders are permitted to charge a fee if you don’t take out your Home Insurance through them – that’s the insurance that insures the structure of your home. But this is not the case with Life Insurance.

 

Frequently Asked Questions related to the above topic.
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