No search indemnity insurance

• 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

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. 

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.

The key difference with remortgaging is that you already live in the property. However, your new lender still needs searches because they weren't involved in your original purchase and need to assess the property risks for themselves.

But you've experienced day-to-day life there and are familiar with any local developments, roadworks, or neighbourhood changes. Unlike a new owner who needs comprehensive information about an unfamiliar property, you already have practical knowledge of your home and area.

This is why many homeowners choose not to repeat full property searches when switching mortgage lenders – especially when it's purely a financial decision to secure better rates or terms.

No search indemnity insurance is a specialised policy that protects your new mortgage lender against risks that could have been found in searches. Instead of conducting time-consuming searches, this insurance provides financial protection if any issues arise later.

It’s important to understand that this insurance protects your lender, not you personally. However, since it satisfies your lender's requirements without the need for searches, it enables a faster, more affordable remortgaging process.

The benefits for you

Cost savings:

• Indemnity insurance typically costs £50
• Property searches can cost significantly more and involve multiple fees
• Clear, predictable pricing with no surprise or additional costs

Time savings:

• No waiting for search results from various authorities
• Faster completion for your remortgage
• Reduced delays that could impact completion dates

Simplicity:

• Streamlined process with fewer moving parts
• Less paperwork and administration
• Fewer potential hold-ups in your transaction

When this option works best

No search indemnity insurance is particularly suitable when:

• You're switching lenders purely for better rates or terms
• You've lived in the property for some time and are familiar with the area
• You want to complete your remortgage quickly
• Cost efficiency is a priority
• There are no obvious concerns about your property or neighbourhood

What to consider

Whilst no search indemnity insurance offers clear advantages, it’s worth noting that conducting full searches always provides the most comprehensive protection. Searches give you updated information about your property and area, which can be valuable even if you’ve lived there for years.

The choice between searches and indemnity insurance depends on your individual circumstances and priorities.

It’s important to note that whilst most major lenders accept no search indemnity insurance, not all lenders do. Make sure you check with your chosen lender before making any concrete decisions.

Making your decision

Every remortgage is unique, and what works best depends on your circumstances. Consider your priorities: if speed and cost savings are most important for a straightforward lender switch, no search indemnity insurance often provides an excellent solution. If you'd prefer the most comprehensive information available, traditional searches remain an option.