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Re-mortgage and Letter of Consent


manc01
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Just trying to re-mortgage and got couple questions:

1. new company asking for letter of consent for anyone under 18, i understand what it is for, but i never been asked before as i did remortgage 3yrs ago with my current lender?

2. I live with my wife, she is not on the mortgage i.e not registered owner, wondered what would happen if i died and my wife obviously wanted to live there, would it just be a case that the life cover would pay off the mortgage and my wife could still live there or because she was not the registered owner the bank would have to take it back and do want they want with it??

Thanks in advance.

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Hi Manc,

I'll do my best with your questions but it's probably worth getting some properly qualified advice in relation to making a will and inheritance issues.

1. The letter of consent is generally for anyone over 18 who is resident but not a joint owner and not named on the mortgage. The mortgage company need them to waive any rights they might have to the property which might come before the mortgage company's so that they do not have any problems seeking possession at a later date if you do not pay the mortgage.

2. If you die before the mortgage is repaid the property will pass to your estate and your estate will become liable for the mortgage. If you have life assurance then whoever is dealing with the estate may well want to use this to pay the mortgage in full but it will be up to them. They might decide they want to sell the property to repay the mortgage and move somewhere else. They could also decide to use funds from life assurance for something else and have the property and mortgage transferred to their name then take on the monthly payments.

The bank could not take the property simply because you had died. If the mortgage feel into arrears they could bring possession proceedings against your estate in the same wasy they could against you during your lifetime. If the mortgage did fall into arrears as a result of your death while your wife was claiming on life assurance and generally dealing with your estate, probate etc the bank would probably be sympathetic. Your wife would probably have solicitors involved in sorting out your affairs who could assist if any difficulties arose with the mortgage.

Hope this helps.

KC

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