Flat owners beware of the banks

[Neil Cook]

Dear Sirs
Whilst there is considerable press coverage about banks overcharging I would like to highlight another wrong doing. Banks and lenders agreed some years ago that they would not force borrowers to take out their buildings insurance to secure the mortgage! Although they have used clever marketing to work around this.

The major issue is that they are mis selling buildings insurance to owners of flats I know this from personal experience and from large numbers of clients, the worst case is a gentleman who was in a flat in a block of 8 each had there own policy! He checked the policy and found that although the referral was from the mortgage team to insurance team they had issued him a policy for a 3 bed semi rather than the 1 bed flat he owned. this came to light when he wanted to let his flat as they would not assist . If at any point he had claimed the policy would not have been worth the paper it was written on .

The Financial Services Authority and BIBA back me ! The public need to be informed as the implications are huge

The article below which was published locally may give more insight.
Please call me

Kind regards

Neil Cook
SPECIALIST at Delite Insurance Agency.
FOR A POSITIVE and PROFESSIONAL APPROACH TO YOUR REQUIREMENTS
FSA registration Number 300142 and BIBA Member
7 Livingstone Circus Gillingham Kent ME7 4HA
Tel 0844 4128801 Fax 01634 283829