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Children's savings and parents' mortgage
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bzd
Posts: 122 Forumite
Hi,
My children's savings (not a huge amount) are in Dunfermline BS accounts, and our mortgage is with Nationwide.
With the DBS now being part of Nationwide, *if* Nationwide were to collapse (okay I'm in the hyper-hypotheticals here!) would our debt (mortgage) be subtracted from their savings (effectively wiping out their savings as the mortgage dwarfs them)!
I'm guessing not, but they are dependants so I'm not 100% sure.
Anyone know?
Cheers,
Ben
My children's savings (not a huge amount) are in Dunfermline BS accounts, and our mortgage is with Nationwide.
With the DBS now being part of Nationwide, *if* Nationwide were to collapse (okay I'm in the hyper-hypotheticals here!) would our debt (mortgage) be subtracted from their savings (effectively wiping out their savings as the mortgage dwarfs them)!
I'm guessing not, but they are dependants so I'm not 100% sure.
Anyone know?
Cheers,
Ben
0
Comments
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I wouldnt think so , if its a kids account then the money is the kids and its not their mortgageHave you tried turning it off and on again?0
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