When purchasing a house in the United Kingdom, lenders legally and contractually require you to have active buildings insurance in place starting from the exact date of exchange of contracts (when legal risk transfers to the buyer), rather than completion day. While contents insurance is not strictly mandatory for mortgage approval, it is strongly advised to protect personal belongings. Additionally, many buyers opt for mortgage protection life insurance to ensure the home loan is paid off if the borrower passes away.
1 votes
Marked as accepted