Query - Can we sign

[canman]

Hi,

I am in the process of buying a house. It's getting a little stressful!!
We had received notification from our solicitor last Friday that the Builders Solicitors are looking for the contracts to be completed.

We were unable to meet this date because there has been a delay in our solicitors receiving the mortgage pack from the Building Society over a query on the construction of the house that has now been resolved. (After I found out there was a query outstanding!!!) So hopefully, the mortgage pack will be at our solicitors tomorrow.
We have applied for this Mortgage through a third party who represents this building society.

However, the third party is now applying a little pressure in getting us to sign up for their mortgage protection. I did initially say that I had applied with another company and they said that it could hold up the cheque. They said we could cancel that and it only takes a few days online for their's to go through.

We started the process for mortgage protection four weeks ago with a broker after seeing that prices were generally a lot cheaper than going with your mortgage provider and that this can be a time delaying factor (with forms going to doctors etc). We have done all that and have the information required with the Insurer and are awaiting for forms to come back in the next few days. However, we may not have those forms before this weekend.

Obviously, this has been a stessful time so far as we are now under pressure to sign and we do not want to lose this house as the remainder in the development are gone.

Will this cause a problem for us when signing for the mortgage?
What is exactly required on signing contracts?
Do we need proof of mortgage protection then?

Thanks for any assistance
Canman

 

[Unregistered]

Canman ,

Yes you can sign .It will probably be a condition of your loan offer that you have Mortgage protection and house insurance in place only before the loan cheque can be drawn down.So if you feel either of you may have to have meds it may be better getting this done sooner than rather than later.

Sounds to me like someone is just pushing for the commision.My advise go with your own motgage protection policy and avoid the hard sale ...thats if its better value.

On signing you need you balnce cheque of 10% purchase price and all buyers present.At this stage you do not require Mortgage protection.

Good luck

 

[canman]

Thanks for your reply. It is greatly appreciated.

 

[eamonn66]

you cant be forced into accepting a particular MP product or penalised for not taking the pruduct offered by your lender . im sure there is a law / reg that prevents this.