Probate/solicitors end finalised but house still left in limbo.

eddyinfreehold

Am I missing something here? Wouldn't there normally be a life insurance policy covering the outstanding mortgage should the borrower die before the mortgage was redeemed? I've never been able to take a mortgage out without a life policy in place too....

getmore4less

eddyinfreehold wrote: »

Am I missing something here? Wouldn't there normally be a life insurance policy covering the outstanding mortgage should the borrower die before the mortgage was redeemed? I've never been able to take a mortgage out without a life policy in place too....

compulsory life cover was abolished decades ago.

Probably got told some porkies to get commissions.

eddyinfreehold

The Building Societies I dealt with would NEVER lend without adequate life cover too. They wouldn't even lend unless you saved with them for two years beforehand. Those were the days I guess. Then again they were local small 'c' conservative setups like the Monmouthshire, Furness and Penrith.

I'd personally regard it as stupid not to take out a policy, especially if I was married or had dependants.

I paid off my mortgage years ago so must be way out of touch.

System

When my mother bought the house she had life cover. For some reason probably financial or a slip of the mind she had changed to another compmay and subsequently 12 months before her death she didn't renew it.

My mother wasn't married, had no dependants (I'm 27) and had no partner. She also was only 52 and although her health wasn't brilliant her death was a shock. She probably was just thinking il enjoy this extra 50-60 quid a month and by the time I die the house will be paid considering there was about 11 years left on it.

I guess we don't think about these things.