spinning_plates
Registered User
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Bought a house with a good friend.
Joint Mortgage Split was 2/3rd me and 1/3 friend.
Mortgage protection (Total Life insurance) total cost €30 per month. This is the type that the cover decreases over the lifetime of the mortgage. If you overpay the mortgage, the policy is still based off the original expected lifetime of the mortgage.
Purpose of the cover is, if in the untimely death of one us the the remaining sum on the policy would be paid out to remaining mortgage holder to pay off the mortgage. There would be additional monies paid out as the mortgage has been overpaid and is "ahead" of the protection policy schedule.
We have split all costs and income of furnishings 2/3rds to 1/3rd all the way through including management fees and rental income etc.
At the time of taking out the policy, we didnt really think about it but have been paying the mortgage protection policy payments 50/50.
Should the mortgage protection policy have been split 2/3rds to 1/3rd also??
Joint Mortgage Split was 2/3rd me and 1/3 friend.
Mortgage protection (Total Life insurance) total cost €30 per month. This is the type that the cover decreases over the lifetime of the mortgage. If you overpay the mortgage, the policy is still based off the original expected lifetime of the mortgage.
Purpose of the cover is, if in the untimely death of one us the the remaining sum on the policy would be paid out to remaining mortgage holder to pay off the mortgage. There would be additional monies paid out as the mortgage has been overpaid and is "ahead" of the protection policy schedule.
We have split all costs and income of furnishings 2/3rds to 1/3rd all the way through including management fees and rental income etc.
At the time of taking out the policy, we didnt really think about it but have been paying the mortgage protection policy payments 50/50.
Should the mortgage protection policy have been split 2/3rds to 1/3rd also??