McStuffins
Registered User
- Messages
- 38
Hi all
House purchased in 2004 (not married, no dependents). Split in 2008. House was in negative equity. Both of us left the area and rented out the house. The rent covered most of the mortgage. We made a few attempts to have the mortgage taken over by one party but the bank turned us down.
Both of us have since married other people and I now have one dependent.
Both myself and ex are on good incomes but our respective spouses are not so I don't think either of us will be approved for the full amount by the bank with our spouses. House is most likely out of negative equity but from brief communications in the last few years, we both see the house as an investment and as the rent covers the mortgage neither of us are in a rush to sell.
I feel that as circumstances have now changed and we both have a spouse I might be missing something. If one of us were to die for example, I assume their half of the property would then be the deceased spouse's property? But with the life insurance tied to the property, only myself and my ex are listed as benefactors.
I want to make sure there is nothing I'm missing protecting myself and my spouse and child from.
All advice welcome
House purchased in 2004 (not married, no dependents). Split in 2008. House was in negative equity. Both of us left the area and rented out the house. The rent covered most of the mortgage. We made a few attempts to have the mortgage taken over by one party but the bank turned us down.
Both of us have since married other people and I now have one dependent.
Both myself and ex are on good incomes but our respective spouses are not so I don't think either of us will be approved for the full amount by the bank with our spouses. House is most likely out of negative equity but from brief communications in the last few years, we both see the house as an investment and as the rent covers the mortgage neither of us are in a rush to sell.
I feel that as circumstances have now changed and we both have a spouse I might be missing something. If one of us were to die for example, I assume their half of the property would then be the deceased spouse's property? But with the life insurance tied to the property, only myself and my ex are listed as benefactors.
I want to make sure there is nothing I'm missing protecting myself and my spouse and child from.
All advice welcome