grant of probate and mortgage advice.

Hi,

Just after some advice few months back someone I know passed away. Sadly the left behind their wife and children.
Unfortunately they did not have mortgage insurance/life cover therefore their spouse was given grant of probate.

However the issue here is the mortgage still has quite a few years remaining, the house being the family home, his spouse obviously still wants to keep it as their family home.

However the big issue is she does not work, therefor the mortgage company they're with now, cannot transfer the mortgage over to her name due to it being 'unaffordable'.
The amount remaining is i think something around the £50,000 mark.
But at the same time due to their policy, they cannot allow her to add someone else onto this mortgage to make it affordable.

So really i'm just after some advice as I am not very knowledgable in this area. Im also wondering will other mortgage lenders allow her to add someone else in with her so that they can transfer the mortgage over?

Hope I've explained it ok and thank you in advance!

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546
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    Who is she proposing to add to the mortgage.

    Will they be living in the property.

    Do they have existing credit commitments.

    There's a number of factors which may influence the outcome.
  • xylophone
    xylophone Posts: 43,802
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    You say that she doesn't work - do you mean that she cannot work or has chosen heretofore to be a stay at home mother because her late husband was the sole breadwinner?

    Is she able to get a job at a salary which would enable her to afford the mortgage?

    The mortgagee is unlikely to want to put a widow and her children out of their home so what terms are they offering to assist her?

    Has she taken any advice on her situation? CAB?
  • If she was to add another person, it would be another family member who is earning enough to cover the rest of the amount needed. And if need be yes they would live in the property but they were hoping that option would be the last resort.

    Her spouse was the sole breadwinner and she was and is a stay at home mother due to children being young.

    The mortgagee havent really been able to do much as they say they have to stick to their rules/guidlines. Which is understandable.They can't extend the term/reduce payments due to the account still being in he deceased's name.
    Right now she is just trying her best to pay off the regular monthly payments so it doesn't go into arrears.

    I was really just checking if there was any other route they could take?

    They have been in touch with the CAB however they passed them onto some other service and they said that in terms of mortgages its better to deal with the actual company/regulated financial service?
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