Mortgage protection & Home Insurance

Slanebuddy

Registered User
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Hi
If there are 4 names on a mortgage (and deeds) but only 2 of the people mentioned owe the outstanding amount to the bank - should there be the 2 or 4 names on the mortgage protection policy and home insurance?
Thanks and regards
 
If there are 4 names on the mortgage then 4 people owe the money. If there is some side deal going on that's another issue but normally the bank is going to want the insurances in the names on mortgage, if one pair are over 50 and it's not their residence such as in the case of say parents being on as guarantors they can possibly do a life insurance waiver.
 
Thanks Monbretia.
No side deal just that the bank wants 4 names on mortgage even though other couple put a chunk of their savings to it. Whereas other 2 names need a mortgage for it.
It's not primary residence for any of the 4. One of they 4 is over 50 the others are younger.
 
the 2 who are putting savings in and presumably not expected to pay the mortgage should be very careful as I would expect them to be"on the hook" for the loan if the two who are meant to pay the loan don't pay. Expect solicitor to be agitated about this.....
 
the 2 who are putting savings in and presumably not expected to pay the mortgage should be very careful as I would expect them to be"on the hook" for the loan if the two who are meant to pay the loan don't pay. Expect solicitor to be agitated about this.....

Yes thanks for reply. All 4 know how the land lies in that regard. By the sounds if it - it is as we thought that all 4 names should be on home insurance and mortgage protection
 
Well if it is none of the borrowers main residence then technically they could all do a waiver for the life insurance but that is subject to the bank policy in this regard, if the bank has insisted on mortgage protection then they will all have to get it.
 
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