Probate & Mortgage Query

Pucky89

Hi All,

Newbie here with my first post. I have a couple of questions albeit different topics but are linked. 

1. We are in the final stages of collating my late father’s finances and will have to go through probate. For those that have recently gone through this how long has it taken and is there anything in particular that went wrong that added time on to the process?

I ask this as I am need to renew my mortgage term in two weeks and with inheritance that will be due I will be able to pay off the remaining mortgage (likely around (35k-40k) 

2. Linked to this should I do a fixed term or tracker term? Tracker with my provider gives me the flexibility to pay the lump sum with no additional charges whereas the fixed would be either 1.5 or 2 % payback on the total amount I’m repaying early, numbers vary based on if I pay back in the first year or 2nd year.

I understand the tracker is not fixed and will fluctuate based on BOE interest rates. 

Fixed rate was at 4.99% tracker at 5.99%. 

Any helpful guidance on what I could do would be appreciated! 

Cheers. 

pjs493

What if you go onto the SVR?

Even if the estate is straightforward you'll be waiting a number of months for everything to be finalised. Do a cost benefit analysis based on the APRCs and how much you owe and see what works out best if you receive your inheritance in six months time, 12, etc.

My husband died last year and I think I waited for 8 weeks before Probate was granted (although this did include the Christmas period and time frames appear to be reducing somewhat). I did a cost benefit analysis based on paying off the mortgage on a rental property my husband had owned since before we married and factored in the overpayments I could make and the exit fees. The mortgage provider told me that the exit fees would be waived if I paid off the mortgage following receipt of the Grant of Probate, but would incur them if I paid off the balance straight away. For me it worked out cheaper to make the maximum overpayment and then wait for Probate because the interest that accrued in that time was less than the exit fees if I paid it off straight away.

Marcon

Pucky89 said:

Hi All,

Newbie here with my first post. I have a couple of questions albeit different topics but are linked. 

1. We are in the final stages of collating my late father’s finances and will have to go through probate. For those that have recently gone through this how long has it taken and is there anything in particular that went wrong that added time on to the process?

I ask this as I am need to renew my mortgage term in two weeks and with inheritance that will be due I will be able to pay off the remaining mortgage (likely around (35k-40k) 

2. Linked to this should I do a fixed term or tracker term? Tracker with my provider gives me the flexibility to pay the lump sum with no additional charges whereas the fixed would be either 1.5 or 2 % payback on the total amount I’m repaying early, numbers vary based on if I pay back in the first year or 2nd year.

I understand the tracker is not fixed and will fluctuate based on BOE interest rates. 

Fixed rate was at 4.99% tracker at 5.99%. 

Any helpful guidance on what I could do would be appreciated! 

Cheers. 

I'm afraid that the latest reports suggest 16 weeks and counting, with some people having to wait up to a year. There doesn't seem to be any particular pattern or common theme for why some take so much longer than others. 

Mikey_JB

I agree with @pjs493, I would leave the mortgage to move itself onto a variable rate until your probate comes through.   No point incurring product fees for what may only be a few weeks of waiting.  

As to timings, they seem to be varying hugely.  Many now report receiving their probate within a few weeks, although I have been waiting for 25 weeks and two days so far (and counting...)

Pucky89

Thanks for the recommendations 

Keep_pedalling

Did your husband hold any sole assets that can be released before you receive probate? For cash savings most banks have quite high limits on the maximum holdings they will release without the need for probate.