How do I get a policy assigned to a lender?

A

AlastairSC

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My broker wants me to take out a Mortgage Protection policy through him - understandably enough. But I can get 4 months or 9 months premiums back by taking one out with an online broker. That's up to E1200 in my pocket! He will match the online quotes but says he cannot do premium refunds.

If I go the independent route how do I get the policy assigned to the lending agency, as per their requirements? Is it something the broker would have to do?
 
AlastairSC said:
If I go the independent route how do I get the policy assigned to the lending agency, as per their requirements? Is it something the broker would have to do?
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No - you just fill in the form and specify the lender who will have an interest in the property as far as I know.
 
......and arrange for the form to be returned to the lender prior to drawdown.
 
An Assignment of Policy form. Most banks have a standard one. You fill it in, put in details of the policy, attach the original policy, send it to the insurance company to have the interest of the bank noted, they will return it to you and you then send it in to the bank.
 
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