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Question: 9.2. What limit of indemnity insurance do you require?
| Lender | Answer |
|---|---|
| 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. |
| Atom Bank plc | At least an open market value of the property according to the valuation report. |
| Aviva Equity Release UK Ltd |
Full value of the property |
| 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% |
| Barclays Bank UK PLC |
Higher of purchase price or valuation |
| Birmingham Midshires |
An amount equal to at least 110% of the purchase price or value, whichever is higher. |
| Bradford & Bingley Limited |
Amount of loan + 15%. |
| Britannia, a trading name of The Co-operative Bank plc |
Cover to full value of the property |
| 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 at least equal to the mortgage advance |
| Co-operative Bank plc | An amount to equal at least 110% of the mortgage advance. |
| Coventry Building Society | Minimum of the value of the property. |
| Danske Bank | The limit of indemnity insurance should be the purchase price or valuation - whichever is higher. |
| DB UK Bank Ltd | An amount at least equal to the mortgage or credit limit, whichever the higher, and the policy must be assignable. |
| Ecology Building Society |
An amount equal to at least 110% of the mortgage advance |
| First Direct | The policy must be for at least the value of the property |
| First Trust Bank | The minimum insurance cover should be the open market value of the property or the purchase price, whichever is higher. |
| GE Money Home Lending Ltd | GE Money Home Lending has withdrawn from the UK mortgage market. |
| Godiva Mortgages Ltd | Minimum value of the property. |
| 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 | |
| HSBC UK Bank plc | The policy must be for at least the value of the property |
| HSMS |
5 days |
| Intelligent Finance | An amount at least equal to the total of the initial mortgage advance as detailed in the mortgage instructions. |
| ITL Mortgages | Minimum value of the property. |
| Kensington Mortgage Company Ltd | Must be for a minimum of 110% of the purchase price or valuation whichever is the greatest. |
| Landmark Mortgages Limited | Preference for full market value of 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. |
| Lloyds Bank plc | The value of the property. |
| Lloyds TSB Scotland plc | The value of the property |
| M&S Bank | The policy must be for at least the value of the property |
| Mortgage Express |
Amount of loan + 15%. |
| Mortgage Express (No 2) |
Amount of loan + 15%. |
| 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 |
| 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 property but if this level of cover is not available, we will accept a minimum of the actual loan amount. You must approve the policy on our behalf. |
| Platform (a trading name of The Co-operative Bank p.l.c.) |
110% of principal sum |
| Rooftop Mortgages Ltd |
The value of the property for mortgage purposes as disclosed in the valuation |
| Sainsbury's Bank | An amount equal to the higher of the value of the property or purchase price. |
| Santander UK plc | The purchase price or (if lower)110% of the mortgage advance. |
| Scottish Widows Bank | The value of the property. |
| The Mortgage Business |
An amount at least equal to the mortgage advance/credit limit (whichever is highest). |
| The Royal Bank of Scotland plc |
An amount equal to the value of the property. |
| TSB Bank plc | The value of the property |
| UCB Home Loans Corporation Ltd |
The full amount of our loan. |
| Ulster Bank |
An amount equal to the value of the property |
| 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. |
| 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. |