Will you have to pay a fee to your mortgage lender if you don’t buy your Life Insurance through them?
No! By law mortgage lenders are not allowed to charge a fee if you choose to shop elsewhere.
Sometimes confusion can arise in this area because mortgage lenders are allowed to charge a fee if you don’t take out your Home Insurance through them – that is the insurance that insures the structure of your home. But as we said above, they are not allowed to charge a fee if you take out your Life Insurance independently and they can easily be 50% more expensive!
Frequently Asked Questions related to the above topic.
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