Transfer of Equity Application form

S

sarryan1

Registered User
Messages
25
Hello

I am looking for advise regarding my mortgage.

I have just received a form in the post from KBC bank . This form is a transfer of equity application form.

My status is as follows

Age 29

Tracker Mortgage

Approx left of mortgage : 196,000

My mother as far as I recall , went as guarantor on this 5years ago when applying for the mortgage . We went to a mortgage advisor at the time . I had to take out a life insurance policy on my mother for 5 yrs , this policy has now lapsed. I got a call from advisor to come in an discuss a renewal of this policy. The thing is the repayments on this policy have doubled if I was to renew . The mortgage advisor was not sure on my recent visit if I had to keep this policy & said he would details from my bank regarding this.

From what I recall at the time of taking out the mortgage I was told this policy was only needed for 5 yrs.

My question is I suppose is .

I am looking for a great understanding as to the implications of e not taking out the life insurance & what signing this transfer of equity form.


Looking forward to all responses
 
Is your Mother over 50? If she is then it isn't compulsory for her to take our life insurance.
 
Thanks for your reply.

Yes my mum is 60 .

Do I still need to fill this form out or what is the status then with my mortgage
 
Go and talk to a solicitor.

You don't understand what you have been asked to sign and posters on here cannot help because they don't know what it is.

It could be a number of things:

1. It could be that your mother was only a guarantor for 5 years and that she is now being released as a guarantor.
2. It could be that she was joined into the Mortgage or Deed at the time and is being released.

Honestly, just go and talk to a solicitor. Do not just ignore it and hope it will either go away or fix itself.

mf
 
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