Adding a name to mortgage

C

Cooley

Registered User
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Hi
Just wondering if anyone can offer any advice on this? I bought a house in 2006 before I was married. I now want to add my wife to the mortgage loan agreement so we can get a joint mortgege protection incase anything happens either of us. We now have 2 kids. We have a joint life assurance to cover this but it is working out very expensive and I think it would be better to just have the joint mortgage protection. The bank head office have said I need to fill in a new loan agreement. My local branch (ulster bank) is no help at all and I am waiting 3 weeks on them coming back to me to answer a few questions.
Does anyone know is there any negative consequences of doing this i.e. loosing the tracker ir?
Thanks in advance
 
You can get a joint policy that should cost no more than normal just because she is not on the mortgage, what you probably have is a level term one whereas the cheaper type are decreasing cover. Might not be comparing like with like. Did you try a broker? No real advantage to putting her on the mortgage.
 
thanks for your response. it was the broker who suggested trying this route so we could get rid of the life assurance. both our jobs pay a lump sum in the event of death so it is really just the mortgage that needs to be covered.
 
It makes no sense to me, you can cancel the life assurance if you want or is it assigned to the lender or something?

To the best of my knowledge you can take out a new joint decreasing policy which is the same thing as mortgage protection.

Maybe one of the insurance people here will confirm if that is correct, always thought you could!

Possibly try some of the online insurance quotes to see what prices you get, just for comparison between the two types of policies.
 
Ostrich said:
thanks for your response. it was the broker who suggested trying this route so we could get rid of the life assurance. both our jobs pay a lump sum in the event of death so it is really just the mortgage that needs to be covered.
Click to expand...

So you have the following in terms of cover:
1) Mortgage protection, with just you named
2) Lump sum death in service benefits from work for both of you
3) A separate joint life cover policy

It sounds to me like you should look at the combination of 1 & 2 and see whats required from 3.

It's probably the case that you just need to cancel the joint policy (3), and take out a single life policy for your wife with cover roughly equal to the cover you have on the mortgage policy.

As a rough guide, you can get €300k level life cover on a 35 year old female for about €20pm at current rates.
 
Yes thanks, that is exactly it. I will look into just getting life assurance for my wife to cover the mortgage. It will be the same as having her name on the mortgage (and joint mortgage protection) and will probably be less hassle. Thanks for all the responses.
 
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