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Life Insurance for partner not named on mortgage
doddfather
Posts: 1 Newbie
First time posting a thread on here so hopefully I’ve done this right!
My wife and I have had an offer accepted on a new house 150 miles from where we currently live. I will still be working for the same company but my wife is currently not working but is applying for jobs where we are moving to. We are just going through the mortgage application with our broker and the lender has said that our application in joint names is showing that we wouldn’t be able to borrow the amount we need so our broker has suggested that we do the application in my name only as I am working and we can borrow the amount we need if the application is in my name only.
My question is about insurance. Am I able to get life insurance for both of us that covers our mortgage if only one of us is named on the mortgage? If not, would anybody have any suggestions as to what we can do or apply for so that we can both be covered please?
Thanks in advance
My wife and I have had an offer accepted on a new house 150 miles from where we currently live. I will still be working for the same company but my wife is currently not working but is applying for jobs where we are moving to. We are just going through the mortgage application with our broker and the lender has said that our application in joint names is showing that we wouldn’t be able to borrow the amount we need so our broker has suggested that we do the application in my name only as I am working and we can borrow the amount we need if the application is in my name only.
My question is about insurance. Am I able to get life insurance for both of us that covers our mortgage if only one of us is named on the mortgage? If not, would anybody have any suggestions as to what we can do or apply for so that we can both be covered please?
Thanks in advance
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Comments
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you can get life insurance whether you have a mortgage or not separately, a broker is often useful if finding the best ones to suit your own medical history and needs"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
100%, your life insurance isn't tied to your mortgage. It would run separately, do not take it out through your mortgage broker. Go interdependently online, or through an insurance broker. It will be more expensive to go through a mortgage broker0
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100%, your life insurance isn't tied to your mortgage. It would run separately, do not take it out through your mortgage broker. Go interdependently online, or through an insurance broker. It will be more expensive to go through a mortgage broker
Not necessarily.
Many mortgage brokers are completely independent and offer just as cost effective premiums as if you went to a protection specialist. It's just making sure they are independent and not tied and not with a network who loads their premiums to inflate their commission payments0 -
You don't have to be married or named jointly on a mortgage as long as you both have an insurable interest (which you do) then you are all good0
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