Death & no mortgage cover...

glossgal

Hope ok to post this here & apologies up front for the morbid subject matter! Basically I was just wondering what would happen re:my mortgage if I popped my clogs.

The house and mortgage are in my name only but I live here with OH. Mortgage lender don't know he exists so not sure what would happen-would he be able to take over the mortgage or would lender want a sale? The mortgage is low compared to equity in the home and he could easily afford the payments on his own. Do I have to declare that he lives with me anyway ie as an 'interested party'?? I have no insurance cover or will at present (pesky life insurance quotes have prompted dark thoughts )

Thanks

chappers

Are you married, if not you need to make a will to leave the house to him (don't forget to change it if you split up.With regards to him taking on the mortgage in the event of your death that would depend as to whether he could get a mortgage in his own right.
Why don't you take out some life cover with him as the beeficiary to allow him to pay off the mortgage.If in the event of him dying you wouldn't be able to afford the mortgage then maybe take out some joint life cover.

Dan_Collins_2

Yep Chappers is right. You need a will and some life cover. See a specialist as you may want it in trust depending on your position.

Dan_Collins_2

Also as it stands, ifyou die property will go your estate, your house may have to be sold to pay off the mortgage.

glossgal

Thanks guys.

Think I will take your advice and make things official, wouldn't want the poor chap out on the street lol