We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage and Indemnity policy?
Senseicads
Posts: 207 Forumite
Hi All,
Moving in with my girlfriend and we have remortgaged her property to include me on her mortgage and the deeds of the house. Think we are joint mortgagees. Spoke to the solicitors acting for Barclays today and they have said that we have to take out an indemnity policy to protect the mortgage from Bankruptcy from my girlfriend's ex husband? She has since divorced this chap, but removed him from the mortgage and house deeds back in 2015. When she remortgaged back then by herself and removed him from the house she didn't require one? why do they need one now?
He does have a second charge on the mortgage of £40k, so we would have to pay this as part of the remortgage which we know(but not sure if this enters into it?). This was one of the reasons we wanted to remortgage was to remove any final hold he had over my girlfriend.
Anyway, I googled this a bit and all I could see was that this is usually put in place on property with over 80% LTV and most likely 90+. We have an LTV of 65%. I can't find anything on it being applied against a previous partner going bankrupt?? why would this even matter? the house and mortgage and everything is in my current girlfriend's name. Just a bit confused.
thanks for any help.
Moving in with my girlfriend and we have remortgaged her property to include me on her mortgage and the deeds of the house. Think we are joint mortgagees. Spoke to the solicitors acting for Barclays today and they have said that we have to take out an indemnity policy to protect the mortgage from Bankruptcy from my girlfriend's ex husband? She has since divorced this chap, but removed him from the mortgage and house deeds back in 2015. When she remortgaged back then by herself and removed him from the house she didn't require one? why do they need one now?
He does have a second charge on the mortgage of £40k, so we would have to pay this as part of the remortgage which we know(but not sure if this enters into it?). This was one of the reasons we wanted to remortgage was to remove any final hold he had over my girlfriend.
Anyway, I googled this a bit and all I could see was that this is usually put in place on property with over 80% LTV and most likely 90+. We have an LTV of 65%. I can't find anything on it being applied against a previous partner going bankrupt?? why would this even matter? the house and mortgage and everything is in my current girlfriend's name. Just a bit confused.
thanks for any help.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards