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  • FIRST POST
    • matohak
    • By matohak 15th Mar 17, 2:46 PM
    • 6Posts
    • 2Thanks
    matohak
    Writing a will
    • #1
    • 15th Mar 17, 2:46 PM
    Writing a will 15th Mar 17 at 2:46 PM
    I'm buying a house with a mortgage and a large gift deposit from my parents. I'm also going to get life insurance that'll pay off the mortgage if I die and pass the property to my parents.

    How does everyone get their will written? Do you employ someone else to write it for you for a fee or do you write your own will?
Page 2
    • MEM62
    • By MEM62 20th Mar 17, 12:27 PM
    • 1,373 Posts
    • 987 Thanks
    MEM62
    Thought that had been banned.
    Originally posted by getmore4less
    Really? If you have a high LTV then a mortgage underwriter may want some assurance that they are not going to be looking at a loss should something happen.

    I would understand that if there was a ban on forcing you to take their insurance but asking you to have adequate cover with a provider if there is a perceived high risk to underwriting the mortgage is surely not unreasonable.
    • davidmcn
    • By davidmcn 20th Mar 17, 12:36 PM
    • 6,071 Posts
    • 5,824 Thanks
    davidmcn
    Really? If you have a high LTV then a mortgage underwriter may want some assurance that they are not going to be looking at a loss should something happen.

    I would understand that if there was a ban on forcing you to take their insurance but asking you to have adequate cover with a provider if there is a perceived high risk to underwriting the mortgage is surely not unreasonable.
    Originally posted by MEM62
    Yes, but does it actually happen? It's been ages since I've heard of anyone being required to put life cover in place for a mortgage.
    • kingstreet
    • By kingstreet 20th Mar 17, 1:08 PM
    • 32,207 Posts
    • 17,249 Thanks
    kingstreet
    Yes, but does it actually happen? It's been ages since I've heard of anyone being required to put life cover in place for a mortgage.
    Originally posted by davidmcn
    It hasn't been a requirement for years on a residential mortgage.

    I'd say mid-90s if I was pushed.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • ThePants999
    • By ThePants999 20th Mar 17, 6:09 PM
    • 856 Posts
    • 1,001 Thanks
    ThePants999
    Agree in your situation you don't need life insurance, but you might to wise to look at critical illness cover so you dont find yourself being in the position of being unable to work and unable to pay the mortgage.
    Originally posted by Keep pedalling
    If paying the mortgage is the concern, income protection is surely the right product rather than critical illness cover.
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