Assurance query - Father and Daughter on same mortgage

ElevenPebbles

Hi
my dad and I have a joint mortgage in name only - all payments are my responsibility- but I wasn't earning enough to be able to take one out in my own name.
My dad is 63 and in good health, he's paid off his own mortgage and has his own policies in place to cover his own property that he inhabits with my mum.
I am concerned that if anything should happen to him before my mortgage is paid off I will lose the house because with my current income I am only able to borrow 90000 leaving me with a shortfall of 40000. I have benefits and cover for my own death which will mean he is not lumbered with my debt - could someone advise me what I should do about covering myself for this eventuality? I'd prefer to pay money into something that will give me a return if he should live for the term of the mortgage.
We have a 99/1 split on the mortgage as tenants in common - and I am not sure if this makes a difference.
I am grateful for any help with this!
thank you!

dunstonh

I'd prefer to pay money into something that will give me a return if he should live for the term of the mortgage.

That is called an endowment policy. I think you are probably aware how they are thought of nowadays.

Decreasing Term Assurance or Mortgage Life cover as its often referred to nowadays is the product you really need for this purpose. If you want a return, then pay £30 into a savings account every month as that is exactly the same thing as an endowment policy but without the risk.

ElevenPebbles

I already have two endowments and don't want another. I thought there would have been more choice for this situation but perhaps I'll just increase the mortgage payments instead.
Thanks for responding anyway.

LouLouHelen

If you are paying the mortgage and he has no part in it other than his name then his death would not effect the mortgage. There would therefore be no need to take out assurance. If however he is paying for the mortgage in anyway I would consider taking out Decreasing Term Assurance (sometimes called Mortgage Protection) for the amount that you would need repaid on your mortgage to bring it down to an affordable monthly payment for you. Does this make sense?