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I'm an income booster. What should I ask my independent legal advice (ILA) lawyer?
I'm an income booster. What should I ask my independent legal advice (ILA) lawyer?

These questions will help you make the most of your ILA appointment.

Written by Megan
Updated over a week ago

We require you to get Independent legal advice (ILA) before you sign on to become an income booster.

This is because becoming an income booster will have implications that are unique and personal to you, and it's important that you have all the information you need to make an informed decision.

Getting this information from a qualified, impartial third party means you can ask all of the tough questions and know you're getting unbiased answers.

Before your appointment, we'll send your ILA lawyer all of the documents you'll need advice on, including your home agreement, mortgage offer and mortgage Terms & Conditions.

You can use these questions during your ILA appointment to help make sure you're getting the most of your advice.

Questions to ask your independent legal advice lawyer

  1. What if I have a disagreement with the legal owners and want to be repaid immediately?

  2. Will signing this agreement have any impact on my ability to get a loan or a mortgage in the future?

  3. What if I want to gift, transfer, or purchase equity in the property in the future?

  4. What if the legal owner makes a partial payment, misses a payment, or stops paying the mortgage altogether?

  5. When will I be able to stop being a booster? How do I stop being a booster? Can I be removed during a fixed interest term?

  6. How are my contributions to the mortgage tracked?

  7. What happens if I die, or if the legal owners die?

  8. If things go badly, is my property at risk? Can Gen H take legal action against me?

  9. What rights do I have over the property?

  10. Can the legal owners sell without my consent? Can the legal owners remortgage without my consent? Can the legal owners extend the mortgage term without my consent?

  11. What happens if the owners can remove me but choose not to? Is it my choice of when or how to remortgage?

  12. What if the owners extend the mortgage term at remortgage? Am I just on the hook longer that I originally signed up for?

  13. What happens if the owners can’t afford the mortgage when I turn 85?

  14. What happens if I can’t afford to help out as I get older?

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