Deed of Consent & Charge

Siennah

Hi there. I have applied for an additional loan on the mortgage which is in my name. My husband is not on the mortgage so has been asked to sign the 'deed of consent and charge' form. BUT he is worried that in doing so.... if something were to happen to me, he & our little daughter would have to vacate the premises as stated on this form ' you agree not to claim...interest of any nature in the property' and 'you shall immediately vacate the property' etc. How would this be prevented? Is there anything I could put in place to ensure that, in the worst case scenario, my 4 yr old is not made homeless?

We really need this additional loan but nervous about completing this form! Any advice would be greatly appreciated.

dimbo61

Life assurance and critical cover might be a good idea to cover both the existing mortgage and the additional loan !

dimbo61

Shop round you dont have to have the cover with your lender !!!!

Siennah

Thanks for your reply! I have just taken out Life assurance & critical illness cover. Now persuading my hubby to sign this form! He's still terrified that the mortage company would just kick him & our daughter out. Surely they would try to come to some arrangement for mortgage repayment first before doing this?