[anobserver]

Originally Posted by Jack91

The house is in my name though, i bought it. Hows it go if i left it to her and she couldn't get a new mortgage to finish paying for it? Forgetting all the other money she would have coming her way..
I think i might do a ring around and go see someone, ive got a lot of questions

From the finder article link:


If you are the sole borrower on your property and you pass away, the responsibility for your debt goes to the person you name as the beneficiary. In the event of your death, the bank has the right to request the payment of the loan in full from this beneficiary. Ideally, you will have enough assets to pay off the home so they can inherit it in full. Alternatively, there could be enough equity in the property that it can be sold to pay off the loan with extra left over for the beneficiary.

If there isn’t enough equity or assets, however, it can become a big problem for the beneficiary. According to solicitor, Rod Cunich of Slater Gordon, mortgages have an all money cause. “You can sell the house to try and pay it off but if there is a short fall, your bank has the right to sue you and take your other assets to make up the difference,” he explains.