Will my mortgage lender charge me a fee if I don’t buy my Mortgage Life Insurance through them?

No! Mortgage providers have to allow you to buy your mortgage insurance from wherever you want, by law. Therefore they cannot charge a fee.

Confusion can arise in this area because mortgage providers are allowed to charge a fee if you don’t take out your Buildings Insurance with them - that is insurance for the structure of your property. But as we have already said above, they cannot charge you a fee if you decide to take out your Life Insurance independently. We recommend that you do shop around because life insurance bought through your mortgage lender could easily be 50% more expensive!