Mortgage account details request

Hello everyone,

I hope I'm posting in the right category!

The apartments in which I'm living have recently been taken over by a new management company. I've received a wad of letters from them today including a "Charge Notice Slip" titled "Very important" (in block capitals) and stating that so as not to be in breach of my mortgage conditions, the interests of my lender must be detailed on insurance documents, the company's files and the lease. It proceeds to request my name and address, the name and address of my lender and also my mortgage account number ... this last part strikes me as odd, does anyone know if this is usually requested? I've asked a few friends and they've said don't provide it, but I thought I'd ask here before perhaps contacting my lender.

Thank you in advance!

Craig.

Hi Craig,

Welcome to Askaboutmoney!

If you own an apartment, the management company would presumably have a block insurance policy covering the entire block. Your mortgage lender has an interest in your apartment. If a herd of elephants fell out of the sky and demolished the whole apartment block, the block insurance policy would pay out an amount sufficient to rebuild it. A big part of your lender's security for your loan is the apartment itself so if a major insurance claim occurred, they'd have a right to be part of it.

So it's okay for the management company to be requesting your mortgage details.

Hello!

Thank you so much for your reply, what you've said makes a lot of sense, I hadn't thought of it that way, I think I've been a bit paranoid about it (plus the company that's taken over has a bad reputation I've since found) :/

Thanks again!

Craig.

Don't forget you can always ask the Management Company why they want these details - make 'em work for their fees!