The Inheritance Guide

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Date Posted:
27-Aug-2013 14:37:52
Mortgage

Start proceedings by writing to the deceased’s mortgage provider informing them of the death. In this letter include the deceased’s name, address, mortgage account number and a death certificate. It is necessary to let them know your intentions regarding the property.

If there is an insurance policy associated with the mortgage this can be used to pay it off. If a sale is taking place on the property, the conveyancing officer will use the proceeds of this sale to repay the mortgage. Or, if a beneficiary wishes to live in the property it is possible to create a new mortgage in their name. If beneficiaries are uncertain about the future of the property some leeway can be given in the form of a payment holiday.

Most mortgage lenders will wait until probate has come through before expecting repayment. However, others insist that the mortgage repayments are continued in this time. Establish this right away so that you can arrange a way to pay it if needs be.
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