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Help Please - Advice on Co-ownership Life Assurance!
Sofia_4
Posts: 11 Forumite
Hi - I posted this on the local forum site, but no response, so I hope it was ok to re-post on the main site!?
I have read alot of the posts on the site about mortgage life assurance, and think I have the different types sussed (in a very basic kind of way).
My partner and I (no kids) have bought a house on a 50/50 basis with Co-ownership, and I'm not sure what impact that has.
Should we:
A) cover on the basis that we currently only own half the house (and therefore half the loan amount), or
get cover on the basis that we hope to get a mortgage for the full amount in the future, or
C) get cover based on our mortgage payouts and our current rental payouts?
Any thoughts would be most welcome!
TIA
I have read alot of the posts on the site about mortgage life assurance, and think I have the different types sussed (in a very basic kind of way).
My partner and I (no kids) have bought a house on a 50/50 basis with Co-ownership, and I'm not sure what impact that has.
Should we:
A) cover on the basis that we currently only own half the house (and therefore half the loan amount), or
get cover on the basis that we hope to get a mortgage for the full amount in the future, orC) get cover based on our mortgage payouts and our current rental payouts?
Any thoughts would be most welcome!
TIA
0
Comments
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any of those answers is correct depending on what you want to budget for. Probably a good idea to get a figure on full ownership as it would allow the surviving partner to get 100% of the house (or another one) and not rely on shared ownership.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Thank you for replying, Dunstonh, much appreciated! :-)0
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