The nervous wait to exchange....

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DJMK4 said:
Hi all

What's the avg cost you would expect to pay for life and critical illness cover or does it depend.

I want to sort before exchange and complete along with the building and contents.

I have been quoted around £38 p/m for life and critical illness by my mortgage broker but need to do building and contents seperate

170k property with 153k mortgage. No real expensive contents apart from odd electrical

What sort of monthly payments are people having for these? £11-14p/m I have not done any quotes yet but will hit up search sites. Do these seem right or is it more
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Had an appointment with our MA on Thursday to discuss all this.

Life insurance for joint policy over 35 years we've been quoted just shy of £20 a month. Critical illness whacks it up to £80 a month, so think we're going to steer clear of that, although we have some flexibility when we have children if we wish to add on critical cover etc.

Do you have dependants? I thought i recalled from one of your previous threads that you were buying on your own?

Our home (building + contents) insurance quote came in a little pricey - works out about £25 a month. Going to spend some time this weekend going through other quotes as i'm sure i can find a cheaper deal than what the bank can offer.

DJMK4 said:
What's the avg cost you would expect to pay for life and critical illness cover or does it depend.
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Edit: Woops forgot to say...

This depends on many factors, the age(s) of the policy holders, type of cover, amount of cover, duration of cover, and of course lifestyle choices of the policy holders, with ours they also dived a bit into immediate family history etc (major illnesses such as cancer).
 
Semple said:
Had an appointment with our MA on Thursday to discuss all this.

Life insurance for joint policy over 35 years we've been quoted just shy of £20 a month. Critical illness whacks it up to £80 a month, so think we're going to steer clear of that, although we have some flexibility when we have children if we wish to add on critical cover etc.

Do you have dependants? I thought i recalled from one of your previous threads that you were buying on your own?

Our home (building + contents) insurance quote came in a little pricey - works out about £25 a month. Going to spend some time this weekend going through other quotes as i'm sure i can find a cheaper deal than what the bank can offer.


Edit: Woops forgot to say...

This depends on many factors, the age(s) of the policy holders, type of cover, amount of cover, duration of cover, and of course lifestyle choices of the policy holders, with ours they also dived a bit into immediate family history etc (major illnesses such as cancer).
Click to expand...

I'm single. Living on my own. 0 dependants

My broker said life cover (decreasing) alone was £8 per month ish. Critical illness. 35. However weirdly.life and critical 38 per month. So may aswel get both together bundled!
 
DJMK4 said:
I'm single. Living on my own. 0 dependants

My broker said life cover (decreasing) alone was £8 per month ish. Critical illness. 35. However weirdly.life and critical 38 per month. So may aswel get both together bundled!
Click to expand...

Yeah that works out about the same as our joint quote.
 
Not quite sure if this is the right thread, but I wanted to share a positive experience with Virgin Money, via our mortgage broker (a former work colleague who set up his own business).

Four weeks ago pretty much to the day, we had an offer accepted on a new build to buy as a second home, with exchange set as 2 May. We didn't bother too much about the mortgage at the time, as we could cover the deposit for the exchange, and completion won't be until the build is finished, sometime early July. Two weeks ago, we were told that the vendors (builders) needed proof of funds for the complete purchase in order to exchange. Some mild panic, and we haven't been through a mortgage application for a few years. The broker left it until the last minute, checking a few deals expected to come on to the market, and we finally settled on a five year fix with Virgin. Due to the timescales, we decided to mortgage our main home rather than the new one.

We completed the broker application on Friday 20 April, had a valuation on Wednesday 25 April, mortgage offer at 4 pm on Thursday 26 April with a promise of funds released on Monday 30 April (although we're not going to draw on them until near completion). I was very impressed - 6 days from application to finance. LTV is about 35%, but they still sent a valuer anyway. Just top notch service, especially from legal chaps from Virgin who, although we were very prepared with ID etc by this stage, could have turned things around in just a few working days if we'd needed the money immediately.

For those interested, the rate was 2.18% on a five year fix, no application or legal fees, just a CHAPS fee for the transfer. A lot cheaper and a better deal than the last mortgage I tool out - it was over twice the rate!
 
I pulled out of a purchase but having 2nd thoughts. It was a small terrace. Immediate neighbours put me off! Lol
 
The_Abyss said:
Not quite sure if this is the right thread, but I wanted to share a positive experience with Virgin Money, via our mortgage broker (a former work colleague who set up his own business).

Four weeks ago pretty much to the day, we had an offer accepted on a new build to buy as a second home, with exchange set as 2 May. We didn't bother too much about the mortgage at the time, as we could cover the deposit for the exchange, and completion won't be until the build is finished, sometime early July. Two weeks ago, we were told that the vendors (builders) needed proof of funds for the complete purchase in order to exchange. Some mild panic, and we haven't been through a mortgage application for a few years. The broker left it until the last minute, checking a few deals expected to come on to the market, and we finally settled on a five year fix with Virgin. Due to the timescales, we decided to mortgage our main home rather than the new one.

We completed the broker application on Friday 20 April, had a valuation on Wednesday 25 April, mortgage offer at 4 pm on Thursday 26 April with a promise of funds released on Monday 30 April (although we're not going to draw on them until near completion). I was very impressed - 6 days from application to finance. LTV is about 35%, but they still sent a valuer anyway. Just top notch service, especially from legal chaps from Virgin who, although we were very prepared with ID etc by this stage, could have turned things around in just a few working days if we'd needed the money immediately.

For those interested, the rate was 2.18% on a five year fix, no application or legal fees, just a CHAPS fee for the transfer. A lot cheaper and a better deal than the last mortgage I tool out - it was over twice the rate!
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Virgin money have been super with mine from application to offer. Have made the whole process unstressful and with the broker has made it smooth so far :) this is my first so don't have experience with other lenders. But really impressed
 
agw_01 said:
Always worth speaking to prospective neighbours. Will give you a better picture rather than just judging on their appearance
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I turned down a potential property that ticked all the boxes years ago... It was a semi and the attached neighbours house had uncut lawns front and rear that were knee deep and gutter hanging off.. Generally appeared that they didnt give a rats bottom what happened to the property. Didnt need to talk to them!
Didnt want to share physical property with them as clearly any/all repairing would end up being covered by myself.

Estate agent didnt like the feedback which was odd, got very defensive!
 
Sad Face

The woman buying our house had last told us that she was due to complete around the 20th April and she was then moving into her parents house which would've meant the chain only included our house, the house we're buying and then the house our sellers are moving to.

Seems that hasn't happened now so we're now possibly going to be trying to juggle around 7 transactions come moving day :(
 
Sui said:
Bah, apparently the solicitors I've appointed aren't on the lenders approved panel.

What a faff, hopefully they'll be able to get approved onto the panel. Think the lender has only been around a couple of years.
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I really dislike having to deal with a middleman, I'd much rather be able to ring the lender myself and ask what is going on with the application. Their website says it should only take 2 working days and solicitors say they've not heard back yet :(

Update - Solicitor approved and full application now submitted. Eek.
 
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Exchanged a text message with the person we’re buying of yesterday, they want to move into rented so they can find their dream home which is no problem we I think had all assumed they would just be looking now

However he said yesterday they will need some time once we have exchanged to find a place as they can’t find anywhere until we have exchanged

I was always under the impression once exchanged you set a date a few days later and that’s it. I would see this maybe being a month after exchange ? Has anybody ever heard of this before

Cheers
 
Regy53 said:
Exchanged a text message with the person we’re buying of yesterday, they want to move into rented so they can find their dream home which is no problem we I think had all assumed they would just be looking now

However he said yesterday they will need some time once we have exchanged to find a place as they can’t find anywhere until we have exchanged

I was always under the impression once exchanged you set a date a few days later and that’s it. I would see this maybe being a month after exchange ? Has anybody ever heard of this before

Cheers
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There's no set time between exchange and completion dates so if a month suits all then sign up.
 
Regy53 said:
Exchanged a text message with the person we’re buying of yesterday, they want to move into rented so they can find their dream home which is no problem we I think had all assumed they would just be looking now

However he said yesterday they will need some time once we have exchanged to find a place as they can’t find anywhere until we have exchanged

I was always under the impression once exchanged you set a date a few days later and that’s it. I would see this maybe being a month after exchange ? Has anybody ever heard of this before

Cheers
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Can be same day exchange and completion or any amount of time between.

You could have say 4 weeks between exchange and completion or earlier by mutual agreement so if they find somewhere straight away you can bring it forward.
 
Yea we exchange in a few weeks but complete in October purely because we are relocating for work then and the developer was happy to wait on the basis of a 6 week exchange.
 
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