Hi,
My father is named on the mortgage but i will be making the repayments.
I ahve taken out life assurance to cover the mortgage.
Does my father need to also take out life assuarnce for the full mortgage?
Initially i thought all the bank required was evidence that his existing mortgage (which is nearly finished) is covered by life assurance, but now i am not sure?
Or is there no strict rule here?
Cany anyone help?
My father is named on the mortgage but i will be making the repayments.
I ahve taken out life assurance to cover the mortgage.
Does my father need to also take out life assuarnce for the full mortgage?
Initially i thought all the bank required was evidence that his existing mortgage (which is nearly finished) is covered by life assurance, but now i am not sure?
Or is there no strict rule here?
Cany anyone help?