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Confused? can anybody help?
*Sparkle*_3
Posts: 503 Forumite
Hi guys,
I'm really confused at the moment
My partner and i have a shared ownership property 50% we are buying the rest of the property so we will own 100%.
Now we have decided to get a mortgage under my name only as my partner has a ccj against him, which pushes our interest rate a lot higher.
So i have been accepted for the mortgage we have a ok rate and everything is going ahead.
The confusion starts happening when the solicitor starts talking about Indemnity policy's etc
I have never heard about this and i'm slightly worried that this is going to cost more money?
what is a indemnity policy?
The solicitor talks about taking one out for the mortgage company and myself if i wish, incase my partner goes bankrupt and claims the house back.
My partner is going back onto the mortgage deeds in 2008 when his ccj gets wipped off, it just seems like a lot of fuss... but i supose it has to be done.
does anyone know what i'm talking about and can offer some sort of advice?
is there anyway around this all?
I'm really confused at the moment
My partner and i have a shared ownership property 50% we are buying the rest of the property so we will own 100%.
Now we have decided to get a mortgage under my name only as my partner has a ccj against him, which pushes our interest rate a lot higher.
So i have been accepted for the mortgage we have a ok rate and everything is going ahead.
The confusion starts happening when the solicitor starts talking about Indemnity policy's etc
I have never heard about this and i'm slightly worried that this is going to cost more money?
what is a indemnity policy?
The solicitor talks about taking one out for the mortgage company and myself if i wish, incase my partner goes bankrupt and claims the house back.
My partner is going back onto the mortgage deeds in 2008 when his ccj gets wipped off, it just seems like a lot of fuss... but i supose it has to be done.
does anyone know what i'm talking about and can offer some sort of advice?
is there anyway around this all?
Abbey Loan £6,000
Tesco loan £3,000
Tesco points --- £100 worth £400 in deals for holiday! :j :T
"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." (Charles Darwin)
Tesco loan £3,000
Tesco points --- £100 worth £400 in deals for holiday! :j :T
"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." (Charles Darwin)
0
Comments
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Your solicitor is quite rightly warning you to take care. Indemnity Policy is one way, but that would be expensive. Your mortgage lender may insist on it, if not ask solicitor about a deed of covenant so that your partner signs to state that may happen should you split up. i.e. you would get 75 and he would get 25% of the proceeds of sale. You may wish to discuss this with your solicitor on your own."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0
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