Can I half my Mortgage Payments? Joint mortgage, 1 person now died.

getmore4less

silvercar wrote: »

Very detailed post HH, I would add that the size of the estate could depend on how the property was held.

If half of the house forms part of the estate then we can assume the value of the estate will be greater than 5k. If the property was held as joint tenants then the death of one party means the property automatically goes to the remaining party without forming part of the estate. If the property was held as tenants in common then the half of the property owned by the Mum falls into the Mum's estate. Intestacy rules may mean it goes to the other party, but it would still be part of the estate.

Even if joint tenents 1/2 the value of the house will still be part of the estate, even though the house is owned fully by succession.

Geebs

Just thought I'd update this. I contacted bank and had to wait until I got a Death Certificate, which I got last week and today I had a meeting at the bank. They have agreed to change mortgage to an interest only for 12 months, without any charge. This gives me time to sell the house. So this is certainly a help to my headache. If I dont sell within the 12 months, I should be able to get another 12 months interest only.

Thanks to everyone who replied.

themull1

can you not get the mortgage extended and reduce the payments?

Geebs

themull1 wrote: »

can you not get the mortgage extended and reduce the payments?

Possibly, but I'd rather move, buy a cheaper house and become debt free rather than getting into more debt. I guess I could do that in 12 months time if need be.