Life Using existing cover to cover additional mortgage

JML123

Registered User
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In summary, we have a current life policy that more than covers our current mortgage. For a short period we are going to have an other house (buying a doer upper and not selling until refurb is done). The current life policy amount covers the new mortgage and the outstanding mortgage in the current house.

In these circumstances can we use our current policy to cover both properties.
Some points to note:
New mortgage goes beyond the term of the policy but we have a convertible option.
Both mortgages with same lender.

Any help would be appreciated.
Thanks
 
thanks, we have been advised that the current policy would need to cover the full term of the new mortgage so not an option
 
If one of the properties is not your PPR, then there should be no need for Life Assurance. It is only the main house that requires the Life Assurance, not an Investment / second home.
 
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