NIB Mortgage - Home Insurance Request

Hi all, I'd be grateful for any thoughts/opinions on the following:

I'm an NIB mortgage holder. Back in August I was contacted by NIB for details of my home insurance as they were supposedly updating their records. I sent them details of the policy number and a renewal notice which acknowledged their interest in the property.

Today (4 months later) they sent me a letter asking for a policy schedule and indicated that the full address of their interest to be noted on the policy should be their Lending Services department in Belfast.

I don't particularly mind furnishing them with a policy schedule but I'm not inclined to go changing the noted interest to an address outside the state. In fact, I don't see why I should change it at all. My Loan Agreement clearly states that the lender is National Irish Bank (with an address of my local branch) and that is what is noted on my insurance policies.

Has anyone any views on whether changing the noted interest's address is necessary or not?

Thanks,
cdev

Yes, I got exactly the same back in August. Did not get the follow up ref. change of details of interested party - but maybe its in the post.

Would also be interested if others can shine more light on whats going on here.

I got the original letter as well requesting insurance details, did not get around to sending it back, not going to bother if it is going to lead to more hassle. Wonder if noting the Belfast Address is due to them closing branches?

MandaC said:

I got the original letter as well requesting insurance details, did not get around to sending it back, not going to bother if it is going to lead to more hassle. Wonder if noting the Belfast Address is due to them closing branches?

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Same thing occurred to me...

I got the same original letter requesting insurance policies. I rang and told them the policies were the same as when I first took out the mortgages. They still wanted copies.
I provided the insurance policy on my home but not the investment property. They also wanted life assurance details too.
Haven't heard anything else since.
I wondered was it because they were checking that people were still paying their home insurance/life assurance policies and hadn't let them lapse (maybe due to financial pressures?)?

I got a similar letter and didn't think twice about providing them with a new letter from the insurance company. I wasn't asked to do anything more than that, as far as I remember. I wonder if their computer records got wiped out and they have to repopulate the database??

That's interesting, I also got a letter from the NIB requesting the details and also noting that they were not mentioned on the House Insurance document. A couple of emails soon sorted that without any undue fuss and I haven't heard anything back from them. FYI, the address of the NIB branch I used was my local branch in the ROI.

I was asked for it too. Not gona bother my head with it, they were sent all the details in August. That bank is doing some horrid messing around lately and are becoming very customer unfriendly, with first their changes to ebanking,( a joke of a setup), this racket with house insurance details after they already having them, ( someone must have pressed the delete key and wiped out everyones insurance details and now it's a quick get the mess sorted before the press find out), and now this joke with cashless banking. What next?

even if they are head wreckers, the LTV rate of ECB +.5 is worth putting up with them.

i recently received a similar request as i changed insurance provider a while back and have submitted the new policy to them. I can understand why they would need to make sure the property is adequately insured

My question is - is there an ulterior motivation in order to try and find a loophole to move people off their tracker based mortgages ? or look to re-value the house given most ROI house values are lower than when the recent mortgages were taken out?

has anyone had any experience of this ?

Jo90 said:

i recently received a similar request as i changed insurance provider a while back and have submitted the new policy to them. I can understand why they would need to make sure the property is adequately insured

My question is - is there an ulterior motivation in order to try and find a loophole to move people off their tracker based mortgages ? or look to re-value the house given most ROI house values are lower than when the recent mortgages were taken out?

has anyone had any experience of this ?

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Just to be on the safe side I have provided them with everything they asked for - I don't want to be in a situation where they come back to me telling me that because of my non-compliance with agreed terms, they are revoking my tracker mortgage.

Jo90 said:

My question is - is there an ulterior motivation in order to try and find a loophole to move people off their tracker based mortgages ? or look to re-value the house given most ROI house values are lower than when the recent mortgages were taken out?

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The insurance details will only show how much the property is insured for rebuilding purposes, this is quite different to market value.

They already have a way out of some of their trackers where LTV’s have gone above 80%.The conditions for NIB’s LTV tracker mortgages state;

In the event that your LTV increases above 80% at any time during the term of your LTV mortgage, we reserve the right to convert your LTV rate to our then applicable Home Loan Rate’’

They did say in Nov 08 they would not do this but I think anything is possible today.

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