What is the difference between a new and existing mortgage?
• New Mortgage You will be defined as having a new mortgage if your online application for this policy is made less than 60 days after your mortgage arrangement date. Your mortgage arrangement date means the date that finance was last approved for your mortgage or any official re-negotiation date. • Existing Mortgage • You will be defined as having an existing mortgage if your online application for this policy is more than 60 days after your mortgage arrangement date. Your mortgage arrangement date means the date that finance was last approved for your mortgage or any official re-negotiation date. • If you move your insurance from another insurer to us, we will ignore the unemployment exclusion period provided your last insurance has been in force for at least six months and you have never made a claim on your insurance. You will need to give us evidence of this in the event of a claim.
