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outstanding records compulsory insurance only mortgage is one: home insurance

The insurance linked to mortgages are one of the topics that generate problems when hiring a mortgage , before, during and after signing a notary. The

mortgage simulator Bankimia have addressed the issue this week.

As a branch manager not be paid based on the quality of its customer banking advice, nor is paid to be a professional in the world of insurance. It sell insurance to make more money from the grant of a mortgage. The advice, to put it in some way, if you give us.

Therefore, the famous phrase " these are the compulsory insurance of the mortgage " is as important as that other one that says that " is illegal to give mortgages above 80% appraisal." Is incorrect, partial or incorrect, depending how you look.

Insurance required by law linked to a mortgage there is only one : the damage insurance regulated by RD 716/2009 . This insurance, known as home insurance, insurance is the only really required when taking out a mortgage. And that does not mean that it is mandatory insurance contract by working with the bank, you can hire another. And

casualty insurance obligation is imposed by the very need for financial institutions to use these loans and mortgages as coverage of mortgage bonds issued by them. Is complicated to explain, but in a nutshell we can say that damage insurance is required for the convenience of their own financial institution (and it is useful to us as well.) Features

Compulsory insurance against damage

• The amount of insurance contract value corresponds to the insurance purposes contained in the appraisal (not including the ground or the content).

• The minimum insurance covered risks of damage are: risk of fire (and explosion) and natural elements (storm, natural forces other than the storm, energy nuclear and land subsidence, hail and frost damage).

Why tell us that life insurance is required?

At times we heard that mortgage insurance is mandatory home insurance and life (or payment protection, the valuation or car, among others).
What really tends to happen is that the bank will "invite" to hire a number of products linked if we want to give the mortgage with the terms offered. The legality of such actions is unclear as it seems it is to use a strong position to safe place, rather than sell them.

practice if it is legal and has no doubts of interpretation is reclaiming interest rate based on additional products that we engage with the bank. In writing provides a range of discounts in the differential applied depending on the product or group of products that we hire.

For example, a mortgage euribor + 0,95 can stay in euribor +0.50 if you hire a home insurance, payroll is domiciled and 3 receipts. These reductions are reflected in the mortgage deed.

Am will raise the interest if I pay the insurance?

depends on the type of mortgage contracted:

• If insurance and other related products were a condition for a but non-subsidized mortgage interest rate (not shown in writing), we can actually remove them all (except damage) once signed writing or a year.

• If bonuses interest rate for each product that we hire we will raise the interest rate in the next revision of the quota. Therefore, if you fail to purchase insurance will increase the agreed interest rate. numbers must be done to see what suits you best.

The next time a director says it has made insurance contract because it is required, look at it with cautious side and ask: why mandatory ? Www.futurfinances.com