cheque made out to 2 separate people, procedure

[bond-007]

I have received a cheque from my house insurance in respect of a claim for water damage. The cheque is made out to me and my mortgage company.

How can I lodge this cheque? Will the mortgage company want to take all the money from me?

Any help would be appreciated.

 

[mf1]

If mortgage company and ordinary bank are the same, that would be a help.

Otherwise, contact Mortgage company , enclose a copy of the cheque, explain the position ( i.e. this is a refund of money expended or you want to lodge it to the mortgage to reduce same or whatever as appropriate........). If you want all the money, ask them if you can lodge it to the mortgage account and then withdraw? or could they refund?

You will need to get in touch with them to work it out though.

mf

 

[bond-007]

Ok thanks for that. The 2 banks are totally different. It sounds terribly messy for that is a smallish amount of money. I take it the easiest thing would be to allow the money against my repayments for X amount of months?