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Advice needed on mortgage insurance please
Mrs_L
Posts: 319 Forumite
I need some advice and am hoping someone has some suggestions of what we should do.
I bought my house from the local authority nearly 2 years ago, this was before I was married and because it was only my name on rent book could only get mortgage in my name if I wanted the £16000 discount. My husbands wages are what pays the mortgage. We have no protection on the mortgage. I know this is not a good thing but as husband is not named on the mortgage can we get cover to pay it off if anything happened to him. We have to wait another year until he can be named on the mortgage without having to pay some of the discount back but I am starting to feel that this is a long time to wait to get some sort of protection. Are insurances that are linked to mortgages only able to be taken out by the person named on it or is there something else we can have that works in a similar way. Hope this makes sense.
Any advice is greatly accepted.
I bought my house from the local authority nearly 2 years ago, this was before I was married and because it was only my name on rent book could only get mortgage in my name if I wanted the £16000 discount. My husbands wages are what pays the mortgage. We have no protection on the mortgage. I know this is not a good thing but as husband is not named on the mortgage can we get cover to pay it off if anything happened to him. We have to wait another year until he can be named on the mortgage without having to pay some of the discount back but I am starting to feel that this is a long time to wait to get some sort of protection. Are insurances that are linked to mortgages only able to be taken out by the person named on it or is there something else we can have that works in a similar way. Hope this makes sense.
Any advice is greatly accepted.
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Comments
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A wife is classed as having an 'insurable interest' in her husband whether they have a mortgage or not. There is nothing to stop you from insuring your husband for the value of the mortgage or indeed for a larger amount should you so wish. God forbid that anything should happen to him but if it did then you can use the cash for any purpose that you deem fit.
If I were you I would contact an Independant Financial Advisor locally as they would be better able to assess your needs and advise you.I have retired from a career in Financial Services........Thank God. Any advice given may be as a result of senile dementia so dont take it too seriously.......
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