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Answers for England and Wales

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Question: 9.2. What limit of indemnity insurance does the lender require?

Lender Answer
Accord Buy to Let An amount at least equal to the amount of the mortgage advance. Any indemnity insurance policy must protect the borrowers, any successors in title and any mortgagee.
Accord Mortgages Ltd An amount at least equal to the amount of the mortgage advance. Any indemnity insurance policy must protect the borrowers, any successors in title and any mortgagee.
Adam & Company The open market value of the property according to the valuation report.
Adam & Company International The open market value of the property according to the valuation report.
Ahli United Bank (UK) plc An amount equal to the value of the Mortgaged Property
Aldermore Bank PLC 110% of the purchase price or valuation, whichever is greater.

Any indemnity insurance policy must be for our benefit, that of any transferee/assignee (legal or equitable) of the mortgage and also the borrower(s).
Allied Irish Bank (GB), a trading name of AIB Group (UK) At least the amount of the mortgage advance.
April Mortgages An amount at least equal to the mortgage advance.
Atom Bank plc At least the open market value of the property according to the valuation report.
Aviva Equity Release UK Ltd Full value of the property.
Bank of China Cover to full value of the property or the Mortgage Advance, whichever is the higher.
Bank of Ireland (UK) plc The limit of indemnity must be an amount not less than the market value of the property.
Bank of Ireland as Bank of Ireland Mortgages The limit of indemnity must be an amount not less than the market value of the property.
Bank of Scotland Beginning A Not less than mortgage advance plus 10%
Bank of Scotland Beginning O Not less than mortgage advance plus 10%
Bank of Scotland Private Banking  
Barclays Bank UK PLC Higher of purchase price or valuation
Barnsley Building Soc, a trading name Yorkshire Building Soc An amount at least equal to the amount of the mortgage advance. Any indemnity insurance policy must protect the borrowers, any successors in title and any mortgagee.
Better HomeOwnership (Mortgages) An amount to cover the mortgage advance as a minimum.
Birmingham Bank Please contact Head of Operations to discuss (Gareth Allen)
Birmingham Midshires An amount equal to at least 110% of the purchase price or value, whichever is higher.
Bluestone Mortgages An amount at least equal to the total mortgage advance. Any indemnity insurance policy must protect the borrowers, any successors in title and any mortgagee.
Bradford & Bingley Limited Amount of loan + 15%
Britannia, a trading name of The Co-operative Bank plc Cover to the full value of the property.
Buckinghamshire Building Society Full current value of the property as given in the valuation report.
Chelsea Building Society (a trading name of Yorkshire BS) An amount at least equal to the amount of the mortgage advance. Any indemnity insurance policy must protect the borrowers, any successors in title and any mortgagee.
CHL Mortgages An amount which is at least equal to the value or the purchase price of the property, whichever is the higher
Clydesdale Bank plc Open market value of property.
Co-operative Bank plc An amount equal to at least 110% of the mortgage advance.
Coutts The open market value of the property according to the valuation report.
Coutts Finance Co The open market value of the property according to the valuation report.
Coventry Building Society Minimum of the value of the property.
Cynergy Bank The market value of the property.
Danske Bank The limit of indemnity insurance should be the purchase price or valuation - whichever is higher
Darlington Building Society The higher of value or purchase price of the property.
DB UK Bank Ltd An amount at least equal to the mortgage advance or credit limit, whichever the higher. The policy must be assignable
Dudley Building Society Purchase price or valuation, whichever is higher.
Ecology Building Society An amount equal to at least 110% of the mortgage advance
Family Building Soc (a trading name of National Counties BS) An amount at least equal to the mortgage advance.
First Direct The value of the insurance must be for at least the full value of the property
Fleet Mortgages An amount at least equal to the valuation of the property.
Foundation Home Loans An amount equal to 110% of the valuation or purchase price - whichever is the greater.
Furness Building Society Property valuation or purchase price, whichever the greater.
GE Money Home Lending Ltd GE Money Home Lending has withdrawn from the UK mortgage market.
Gen H An amount equal to the value of the property unless specifically agreed in writing otherwise.
Godiva Mortgages Ltd Minimum of the value of the property.
Habito Higher of purchase price or valuation
Halifax An amount at least equal to the mortgage advance.
Halifax Loans Ltd An amount at least equal to the mortgage advance.
Hampden & Co. plc The open market value of the property according to the valuation report.
Handelsbanken Purchase price or 110% of mortgage advance, whichever is the greater.
Harpenden Building Society 110% of mortgage advance
Hinckley and Rugby Building Society The policy must be for our benefit and for no less than the amount lent to the borrower, including retentions, stage payments and interest.
Hodge An amount equal to the purchase price or value, whichever is higher. Any indemnity insurance policy must be for our benefit, that of any transferee/assignee (legal or equitable) of the mortgage, the borrower(s) and any successor in Title.
Hodge Equity Release An amount equal to the purchase price or value, whichever is higher. Any indemnity insurance policy must be for our benefit, that of any transferee/assignee (legal or equitable) of the mortgage, the borrower(s) and any successor in Title.
Holmesdale Building Society 110%
HSBC UK Bank plc The value of the insurance must be for at least the full value of the property
Intelligent Finance An amount at least equal to the total of the initial mortgage advance plus any pre-agreed reserve. These amounts will be shown in the mortgage offer.
Investec Bank plc The open market value of the property according to the valuation report.
ITL Mortgages Minimum of the value of the property.
JPMorgan Chase Bank, N.A. 110% of principal sum.
Kensington Mortgage Company Ltd Must be for a minimum of 110% of the purchase price or valuation whichever is the greatest.
Kent Reliance (a trading name of OneSavings Bank plc) An amount at least equal to 110% of the mortgage valuation.
Keystone Property Finance An amount equal to 110% of the valuation or purchase price - whichever is the greater
Landbay Partners Limited An amount equal to 100% of the property valuation or purchase price (whichever is greater) plus 10%.
Landmark Mortgages Limited Preference for full market value of the property, but if this level of cover is not available, will accept a minimum of the actual loan amount. You must approve the policy on our behalf.
Leeds Building Society An amount at least equal to the amount of the mortgage advance plus 10%. Any indemnity insurance policy must protect the borrowers, any successor in title and any Mortgagee.
Legal & General Home Finance Ltd The policy should be for the full market value of the property and indexed linked. The policy must be for our benefit, and for the benefit of the borrower where available. The policy must benefit all successors and assigns.
LendInvest An amount at least equal to the valuation of the property.
LiveMore Capital An amount equal to the purchase price or value of the property, whichever is higher
Lloyds Bank plc pre fixed 20/40 The value of the property.
Lloyds Bank plc pre fixed 50/30/77 The value of the property.
Lloyds TSB Scotland plc The value of the property
M&S Bank the value of the insurance must be for at least the full value of the property
Magellan Homeloans At least equal to the value of the property
Manchester Building Society Purchases- higher of the Purchase price & valuation
Re-mortgages- Loan x 115%.
Market Harborough Building Society Purchase price or valuation - higher of the two
Masthaven Bank An amount at least equal to the total mortgage advance. Any indemnity insurance policy must protect the borrowers, any successors in title and any mortgagee.
Metro Bank plc The open market value of the property according to the valuation report.
ModaMortgages An amount at least equal to 110% of the mortgage valuation.
Molo Finance An amount at least equal to the amount of the mortgage advance. Any indemnity insurance policy must protect the borrowers, any successors in title and any mortgages.
Monmouthshire Building Society The higher of the purchase price or valuation. For remortgages, the value of the advance.
Mortgage Agency Services 110% of the purchase price or valuation, whichever is greater
Mortgage Express Amount of loan + 15%
Mortgage Express No 2  
MPowered Mortgages Either the minimum reinstatement value or where there is no valuation the market value/purchase price figure (whichever is higher).
National Counties Building Society An amount at least equal to the mortgage advance.
National Westminster Bank plc An amount equal to the value of the property.
Nationwide Building Society Purchase Price (valuation if price is at a discount).
Contact Issuing Office for advice on a remortgage
Nedbank Private Wealth Ltd You are to refer to us for specific instructions on any matter involving indemnity insurance.
New Street Mortgages Must be for a minimum of 110% of the purchase price or valuation whichever is the greatest.
NRAM Ltd Preference for full market value of the property, but if this level of cover is not available, will accept a minimum of the actual loan amount. You must approve the policy on our behalf.
Paragon Buy to Let Mortgages An amount at least equal to the stated value of the Property.
Paragon Residential Owner-Occupied Mortgages An amount at least equal to the stated value of the Property.
Paratus AMC Ltd An amount equal to 110% of the valuation or purchase price - whichever is the greater.
Parity Trust An amount equal to at least 110% of the mortgage advance
Pepper Money An amount equal to at least 110% of the purchase price or value, whichever is higher. Any indemnity insurance policy must be for our benefit, that of any transferee/assignee (legal or equitable) of the mortgage and also the borrower(s).
Pepper Money (PUK) An amount equal to at least 110% of the purchase price or value, whichever is higher. Any indemnity insurance policy must be for our benefit, that of any transferee/assignee (legal or equitable) of the mortgage and also the borrower(s).
Perenna The higher of the purchase price or valuation.
Platform (a trading name of The Co-operative Bank p.l.c.) 110% of principal sum.
Precise Mortgages (Charter Court Financial Services Ltd) An amount at least equal to 110% of the mortgage valuation.
Principality Building Society Full market value of the property is preferred but if this is not available we will accept the loan advance amount as minimum. You must approve the policy on our behalf. The estimated property value is stated in the Mortgage Offer in remortgage cases. Otherwise it will be stipulated in the Valuation.
Reliance Bank Ltd £1,000,000.00
Rooftop Mortgages Ltd The value of the property for mortgage purposes as disclosed in the valuation.
Saffron Building Society Higher of purchase price or valuation.

Any indemnity insurance policy must be for our benefit, that of any transferee/assignee (legal or equitable) of the mortgage and also the borrower(s).
Sainsbury's Bank An amount equal to the higher of the value of the property or the purchase price.
Santander UK plc The purchase price or (if lower) 110% of the mortgage advance.
Scottish Building Society Amount of mortgage plus 25%.
Scottish Widows Bank The value of the property.
Secure Trust Bank PLC An amount at least equal to the market value.

Any indemnity insurance policy must be for our benefit, that of any transferee/assignee (legal or equitable) of the mortgage and also the borrower(s).
Skipton Building Society For lender only cover we will accept a minimum of 110% (index-linked) of the amount of the loan.
St James Place Bank An amount at least equal to the total of the initial mortgage advance plus any pre-agreed reserve. These amounts will be shown in the mortgage offer.
State Bank of India UK The purchase price or value of the property, whichever is the higher.
Swansea Building Society Purchase price or market valuation whichever is the higher
The Mortgage Business An amount at least equal to the mortgage advance/credit limit - whichever is the highest.
The Mortgage Lender Limited An amount at least equal to the mortgage advance.
The Mortgage Works The full purchase price/value of the property whichever is higher
The Royal Bank of Scotland plc An amount equal to the value of the property.
The Royal Bank of Scotland plc Direct Line Mortgages An amount equal to the value of the property.
The Royal Bank of Scotland plc Direct Line One An amount equal to the value of the property.
The Royal Bank of Scotland plc First Active An amount equal to the value of the property.
The Royal Bank of Scotland plc Natwest one Account An amount equal to the value of the property.
The Royal Bank of Scotland plc One Account An amount equal to the value of the property.
The Royal Bank of Scotland plc Virgin One An amount equal to the value of the property.
The Tipton & Coseley Building Society Minimum of mortgage advance.
Together Personal Finance Limited Minimum of £2,000,000.00 per claim.
Topaz Finance Ltd Valuation or purchase price, whichever is higher. The policy must always benefit the borrower and any subsequent owner or mortgagee - the policy must be index linked.
TSB Bank plc The value of the property
Ulster Bank An amount equal to the value of the property.
Vida Homeloans It must be for a minimum of 110% of the purchase price or valuation, whichever is greater
Virgin Money We require the full market value of the Property. Where this isn't available, we'll accept the loan amount as a minimum.
Whistletree (a trading name of TSB Bank plc) The value of the property
Yorkshire Bank Home Loans Ltd Open market value of property.
Yorkshire Building Society An amount at least equal to the amount of the mortgage advance. Any indemnity insurance policy must protect the borrowers, any successors in title and any mortgagee.
Zephyr Homeloans Valuation or purchase price, whichever is higher. The policy must always benefit the borrower and any subsequent owner or mortgagee - the policy must be index linked.