married/mortgage payment libalilty

O

olly1

Guest
my partner bought a house soley in his name last year. we are now married, and were going to transfer the mortgage and title into joint names, the bank has approved this, and told us to get the life and fire insurance into joint names. today they sent me a mortgage application for to fill out. my question is:if its joint in the event of my hiusbands death does that mean i will be liable for the mortagage repayments, will the life insurance pay the mortgage off or not?
with regards to application form for mortgage sent out today, i am pregnant, just gone on maternity leave, and not returning to work, will this all negatively effect the mortgage application for, or is this just a formality. please help, i am wondering if it would just be better to leave the house only in my husbands name?
 
olly1 said:
if its joint in the event of my hiusbands death does that mean i will be liable for the mortagage repayments, will the life insurance pay the mortgage off or not?
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Normally the death of any one joint mortgage holder with life cover repays the mortgage. But ask your mortgage protection life assurance provider to be 100% sure. And shop around for it and buildings insurance rather than buying from the lender as this will normally be more expensive.
 


If your husband originally qualified on his own for the mortgage and you are now going on the mortgage solely to enable the transfer of title into joint names and not looking for increased borrowings (unless your husbands multiples are eligible for this) it should not make a differerence whether or not you are working as this is a family home. Bear in mind that a dependent may affect his multiples.

If you are on a fixed rate you should ensure that you will not be penalised for closing off the original mortgage account if you are going to do this rather than add your name to the existing account.

Hope it all goes well with your new baby.
 
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