Options to pay off mortgage over short period?

nesssie1702

If you want your property to go to a family member, then you should have a will? That way you can bequeath the property to someone in your family.

The life cover would be used to pay any outstanding amount on the mortgage. If there's no life cover, then my reckoning is that the property would then belong to the mortgage lender, so nothing to "leave" in the will.

Rygar

Yes, I understand that. I meant Id rather the property went to a family member rather than my lender so in that respect I will need life assurance (as well as a will).

I was just trying to establish if life assurance was a prerequisite as far the lenders are concerned. I guess not because they have security in terms of your property although I thought perhaps it may have been essential to cover eventualities such as negative equity and so on.