Title deed amendment - mortgage obligations?

holly_hobby

Good point raised by J ...

Your income would need to be sufficient to service the mge on its own, but as long as the lender is happy with this, the joint mortgagor may be released from the debt, and you usually retain the product already held.

This I feel would be the most responsible way forward in respect of your Sister's interests.

If you do remove Sister from mge, and you are single with no dependants (or there isn't anyone you wish to provide for, inc bequeath of property), effecting a term assurance policy (as discussed in my earlier post) to repay the mge on death would no longer be considered an essential finanical provision. Although of course you would be leaving the administrator/executor of your estate to dispose of the property to settle the os mge liability - but at least you would be saving a DTA premium if you need to keep costs to an absolute minimum, and don't wish to provide for next of kin/others on death.


Hope this helps

Holly

predator12051981

If my lender agrees to that then I suppose that is the best way to tackle this (and was my preferred option from the start) and I can therefore proceed with the rest of the TOE without involving a £300+ solicitor.

Thanks to all for your input.