Life Assurance

[lizw]

We have exchanged contracts on my new house and are due to complete and move in on friday. Yesterday I found out that my life assurance has been held up due to a report being needed from my GP.

I am slightly concerned that this could hold up completion. I've been through my mortgage offer with a fine toothcomb and life assurance is never actually mentioned. Can anybody advise me?

Many thanks

[Loosehead]

Did you seek life assurrance for your own accord or did the lender demand that you have it for the loan? if the former then no worries, if the latter they may well hold up completion. I think if it was the later though there would be some mention of it in your offer or other documentation.

[lizw]

Hi - thanks for replying, it was our mortgage broker who arranged it. There is no reference to it anywhere on the agreement and my solicitor never mentioned it when we were exchanging.

[funnywebsite]

This is unusual because even though they try and get you to buy life insurance you don't usually have a medical. You need to speak to your broker about the mortgage he has arranged for you.

[dzug]

This happened to me a few years back. It didn't hold up completion.

You've probably got a cheap life assurance offer - they are cautious about who they take on will either ask your doctor for a report regardless or in response to answers on the application form.

Nothing to worry about unless anything happens to you between completion and the policy starting - it won't be backdated.

[lizw]

Thanks to everyone who answered this - I have just had it confirmed by my mortgage lender that it is not a legal requirement for completion. Hurrah!

Thank you everyone.