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Hi, I am in the process of buying a house and have a arranged a first start mortgage with Bristol and West. It involves using a parent as a 'sponsor' and effectively means its a joint mortgage. I am considering taking out redundancy insurance as my work has announced there will be redundancies but I am wondering if I will be able to take this out or will my mum be responsible as she is a joint owner?

helping_user · Posted: Mon Jan 12, 2009 1:27 am Post subject:

Welcome Spikey.

I think your mom will be the cosigner on the mortgage. In such a case she will be liable to repay the mortgage when you fail to pay it off. If your mom is just the cosigner and not the co-borrower, then she is not responsible to purchase the redundancy insurance.

Thanks.

gmakerley · Posted: Mon Jan 12, 2009 9:58 am Post subject:

this "redundancy insurance" seems to be peculiar to the UK. i've never heard of it on this side of the ocean.

please trust those who are on your side of the world for advise on this topic more so than we who are here in the usa.

gmakerley · Posted: Mon Jan 12, 2009 9:59 am Post subject:

oops...."advise" is completely wrong...it should be "advice."

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Redundancy insurance