Hi PTalkers,
Going through a mortgage broker for the next project, they have come back to us with a Letter of Offer from Sovereign. I am curious as to why the mortgage broker has presented us with this offer and not one from one of the major banks. I suspect it has something to do with one of the conditions on the offer:
You acknowledge our recommendation that the appropriate insurances are organised to adequately protect your needs. These should include life insurance for at least the amount of the loan, income protection in the event of incapacity and medical cover in the event of illness. The policy documents are to be held by you.
Our mortgage broker clips the ticket on health/life insurance etc and has tried to push these services on us in the past. Their reasoning was that we shouldn't have the mortgage for this project at the same bank as our last rental property (ASB).
We do not want to take out any insurance and I would much rather go with one of the major banks, do you guys think my mortgage brokers have just gone straight to Sovereign because they get to clip the ticket on all of the insurances also?
Thanks for any input, much appreciated!
-Micholas
Going through a mortgage broker for the next project, they have come back to us with a Letter of Offer from Sovereign. I am curious as to why the mortgage broker has presented us with this offer and not one from one of the major banks. I suspect it has something to do with one of the conditions on the offer:
You acknowledge our recommendation that the appropriate insurances are organised to adequately protect your needs. These should include life insurance for at least the amount of the loan, income protection in the event of incapacity and medical cover in the event of illness. The policy documents are to be held by you.
Our mortgage broker clips the ticket on health/life insurance etc and has tried to push these services on us in the past. Their reasoning was that we shouldn't have the mortgage for this project at the same bank as our last rental property (ASB).
We do not want to take out any insurance and I would much rather go with one of the major banks, do you guys think my mortgage brokers have just gone straight to Sovereign because they get to clip the ticket on all of the insurances also?
Thanks for any input, much appreciated!
-Micholas
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