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    • Lucyparts
    • By Lucyparts 15th Jan 20, 7:11 AM
    • 2Posts
    • 0Thanks
    bought a property as friends, is joint or single mortgage assurance better?
    • #1
    • 15th Jan 20, 7:11 AM
    bought a property as friends, is joint or single mortgage assurance better? 15th Jan 20 at 7:11 AM
    I have recently completed on my first property. Me and a friend have gone in together 50:50 - we have a declaration of trust in process but we are also looking at getting mortgage assurance/life insurance to cover us in case something happens. I think itís best to each take out a single policy that will cover either half of the mortgage if one of us does die but also means we can carry it on when we eventually part ways, but my friend thinks joint might be better. Does anybody have any advice? Thanks
Page 1
    • csgohan4
    • By csgohan4 15th Jan 20, 7:24 AM
    • 6,911 Posts
    • 4,734 Thanks
    • #2
    • 15th Jan 20, 7:24 AM
    • #2
    • 15th Jan 20, 7:24 AM
    Single is better, joint means it ends when one of you dies, least single means it carries one regardless of what happens to your friend.

    The earlier you have life assurance the cheaper it is. You don't want to be looking at policies years down the line

    but I think your friend wants some assurance, you could have life assurance for the mortgage amount as joint, but have your own single policy as well if you have dependents
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
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