Hi
We are in the process of moving our mortgage from Nationwide to Platform having come to the end of our fixed term deal with Nationwide.
We have a very good offer from Platform but I am concerned by one of their conditions. The mortgage seems to be linked to a buildings insurance policy with Legal and Genral. We do not need this as we are leasehold and the management company arrange buildings insurance for our building.
Platform want to charge £30 for us NOT taking the insurance. It is an administration fee but I cannot understand what admin is involved in not supplying a service. This seems completely unethical to me but I believe Platform offer mortgages from the Co-op who have a mandate for ethical banking.
Given that we are paying a £950 arrangement fee it seems wrong to then charge extra for a service I don't want and didn't ask for in the first place.
I know £30 is not a lot of money but it is the principle. Has anyone else experienced this?
Thanks
We are in the process of moving our mortgage from Nationwide to Platform having come to the end of our fixed term deal with Nationwide.
We have a very good offer from Platform but I am concerned by one of their conditions. The mortgage seems to be linked to a buildings insurance policy with Legal and Genral. We do not need this as we are leasehold and the management company arrange buildings insurance for our building.
Platform want to charge £30 for us NOT taking the insurance. It is an administration fee but I cannot understand what admin is involved in not supplying a service. This seems completely unethical to me but I believe Platform offer mortgages from the Co-op who have a mandate for ethical banking.
Given that we are paying a £950 arrangement fee it seems wrong to then charge extra for a service I don't want and didn't ask for in the first place.
I know £30 is not a lot of money but it is the principle. Has anyone else experienced this?
Thanks