Can anyone tell me if it is a legal requirement to complete a personal financial review in order to make an application for mortgage protection. I was told today that all insurers need to do this before our application can be processed. The form itself seems to be geared towards other types of investments and life cover.
Why do they need to know my pension provisions, all my savings, outgoings, and attitude to investment risk etc in order to get bog standard mortgage protection. The questions on that form are as invasive as the mortgage forms but I can see why the banks need that information afterall you are talking about a loan of hundreds of thousands.