Steven Varian

Registered with Property118.com
Wednesday 15th May 2019


Latest Comments

Total Number of Property118 Comments: 2

Steven Varian

17:38 PM, 15th May 2019
About 3 months ago

Insurance invalid after fire due to family member?

Reply to the comment left by Ian Narbeth at 15/05/2019 - 17:00
Good afternoon Ian,
when you say i may have breached the terms of the policy, are you refering to the mortgage or insurance policy,
i can confirm that the:
- mortgage policy states they wont give a buy to let on the basis that it will be let to a family member,
-the insurance policy makes no mention of who i can or cant let the property to,

When you say the mortgage company will be prejudiced if the policy is invalidated, do you mean that if the insurance company refuse the claim, the value of the asset (property) the mortgage company lent on will be greatly reduced, so they are more likely to assist me than call in the loan.
Thanks... Read More

Steven Varian

17:28 PM, 15th May 2019
About 3 months ago

Insurance invalid after fire due to family member?

Reply to the comment left by Jason McClean at 15/05/2019 - 16:59
Hi Jason,
Thanks for the reply, I do have an AST in place and have read through the statement of facts which makes no mention of who i can or cant let the property to.
i got a call from my loss assessor saying the claim had been accepted in principle, it was at that point they asked if the tenant and my wife are related.

After this i read the lending criteria of the mortgage and it states they will not offer a Buy to let mortgage if it will be let to family, it was not our intention to let to family when we initially took out the mortgage.
my worry is if the insurance company cancel the landlords insurance based on the mortgage being invalid... Read More