Mortgage Insurance, First Home Owners Grant?
Jul 22, 2008 by HELLOkirsty | Posted in Personal Finance
For a maths designation I have to find the meanings of these two terms. For Mortgage Insurance, I have the meaning of it but the second part of it is 'what conditions is it mandatory?' which is baffling me. Also, I'm struggling to find out when a First Owners Home Subvention is available and in what conditions. Thank you for any help.
'what conditions is it demanded?' is not 'proper' English (but, perhaps, what we might expect from todays teaching staff ..), so I'm not surprised you are confused ...
At a suppose, what teacher is attempting to ask is :-
"What are the typical mandatory conditions attached to such Insurance ?"
I'm going to presume the type of Insurance mentioned is 'Mortgage Protection' .. and I would guess the only "mandatory conditions" would be that it will only pay out to the lender (not the borrower) and only after repossession and all accomplishable legal attempts to extract payment from the borrower had failed .. also I expect there is some clause about obtaining top possible price for the repossessed house .. and (I wouldn't be surprised) if any payout can then be recovered' from the borrower (by the Insurance co.) later ..
Steve B | Jul 22, 2008
expect this information helps you bout first owners home grant
http://www.sro.vic.gov.au/sro/SROWebsite.nsf/rebates_fhog.htm
erikko | Jul 22, 2008
Is there any home insurance for buildings & contents, which covers both owner & tenant type of occupiers?
Oct 01, 2008 by ukguy | Posted in Insurance
This is my first home in South East Engalnd which I took using "First Period Buyer" mortgage. I have an opportunity to give my property for rent for few months when I work in other part of the UK. My current home insurance states that the occupier is a home proprietress-mortgage. So this insurance will be void if I rent my property. Most of the insurance covers available in the UK cover either owner or tenant ccupier, but not both. As this is for few months, I scarceness to take some insurance which covers both type of occupiers. Is there any such insurance available in UK which does not bother about the occupier of the property, eventhough the reward is somewaht higher ?
Firstly you desideratum to get Building insurance as the mortgage owner, secondly it is your tenants responsibility to get contents insurance for the property, when they go to an insurance company they will be asked if the peculiarity is rented privately, if it is they will be given insurance with a tenants cover. This is why you take a deposit, if anything does happen to the contents, they are inclined.
charlottelellis1980 | Oct 01, 2008