I’m Charles Calvert, a mortgage broker at Easy Mortgages. This is general information, not personal advice. Always check the figures against your own situation before you decide anything.
Do you need buildings insurance for a mortgage? In almost every case, yes. Lenders require buildings cover from exchange of contracts (or completion on some remortgages) so the property that secures the loan is protected against major damage.
This is one of those purchase details that does not change with Bank Rate headlines, but February is when many Hampshire buyers who offered over winter are heading toward exchange — so the timing question comes up constantly.
Buildings vs contents
Buildings insurance covers the structure and usually fixtures — walls, roof, fitted kitchens and bathrooms. Contents cover is for your belongings. Lenders insist on buildings; contents is your choice, though most homeowners want both.
Rebuild cost is not market value
Policies are based on the cost of rebuilding the property, not what it would sell for. Using the market value as the sum insured can leave you underinsured. Your solicitor or a surveyor can help you think about rebuild figures; comparison sites and insurer calculators also offer guides.
Leasehold flats are often covered by a freeholder or managing-agent block policy — your solicitor will confirm what you need to arrange yourself. Do not assume the freeholder’s policy automatically meets every lender’s wording without checking.
When cover must start
On a purchase, buildings insurance commonly starts from exchange, because that is when risk often passes to you under the contract. On a remortgage, your existing cover usually continues; the new lender will want confirmation it meets their requirements.
I do not sell a particular insurer. I flag the timing when your offer is in and remind you to compare quotes so cover is active when your solicitor needs evidence. Shop around on price and excess, and read flood and subsidence assumptions carefully if the survey raised flags.
Practical tips for Hampshire purchases
- Diary the exchange date and set cover to start that morning.
- Keep the policy schedule handy for the solicitor and lender.
- Tell the insurer if the home will be unoccupied for a long period during works.
- Check whether your broker fee and mortgage offer timeline still leave you time to arrange cover calmly — rushing the day before exchange is stressful.
- For coastal and harbour-side properties around Portsmouth and Gosport, ask insurers plainly about flood assumptions rather than guessing from a postcode tool alone.
Remortgage reminder
If you are remortgaging rather than buying, do not cancel buildings cover while the new lender’s requirements are outstanding. My remortgage fee is £299 on full offer; product transfers carry no fee from me. Protection products I arrange also carry no fee from me — buildings insurance itself is separate and bought from an insurer or comparison route of your choosing.
If you are approaching exchange and unsure when buildings cover must start, ask your solicitor and copy me in so the mortgage side stays aligned.
Evidence solicitors usually need
Expect to supply the policy schedule showing the property address, rebuild sum insured, start date and insurer. If the freeholder’s block policy is used, the solicitor will want the relevant extract and confirmation your flat is included. Missing schedules are a classic exchange-day delay.
If you change insurer mid-purchase, tell your solicitor immediately so they are not chasing an obsolete policy number.
Unoccupied periods and works
Buyers doing light works between exchange and move-in — or waiting on a tenant to leave on a linked sale — should check unoccupied clauses. Some policies restrict cover after a set number of empty days. That is an insurance conversation, but it sits next to the mortgage timeline I help you manage.
A Fareham broker’s closing thought
Every Hampshire case turns on its own income, credit and property detail. The sections above are a map, not a personal recommendation. When you are ready, bring your numbers and we will test them against current lender criteria together — calmly, and without obligation on the first conversation.
If you would like to talk this through for your own numbers, you can get in touch here or email contact@easy-mortgages.co.uk. I am based in Fareham and help clients across Hampshire.