When you’re remortgaging with a new mortgage lender, you’re typically required to have property searches carried out. Alternatively, you can take out no search indemnity insurance. This is a policy that protects your new mortgage lender against risks that could be revealed through property searches.
Key takeaways
No search indemnity insurance is a faster, cheaper alternative to property searches when remortgaging with a new lender
The insurance typically costs around £50 compared to higher search fees, and speeds up your remortgage completion
It protects your new lender against risks that searches would reveal, satisfying their requirements without the delays
Check your chosen lender accepts this option before proceeding, as not all mortgage providers do
No search indemnity guide
Understanding searches in property transactions
When you first bought your property, your conveyancer would’ve conducted various searches as part of the purchase process. These searches revealed important information about the property and the surrounding area, checking for planning applications, environmental risks, local authority matters, and more.
Your original mortgage lender would have required these searches to assess any potential risks to their investment.