I'm recently widowed, and want to take over the mortgage. Will the lender let me do this?
Posted on 28 June 2013 by Glynis
My husband has died earlier this year. The bank have asked me to pay the mortgage off. Having written to them they have now said they will consider transfer of the morgage. What will this entail? I dont have much pension income and I dont work at the moment. But we have never missed a mortgage payment in 30 years. Do you think they will transfer to me without my working and having a big income. I can afford the repayments?
I'm sorry to hear about your husband. If your existing lender is prepared to transfer the mortgage into your name then this would be primarily a paper exercise. They will assess whether you can afford the monthly payments based on your pension income, and also look at what age they will allow you to take the mortgage to.
If they decide against allowing you to take on the mortgage, then please let me know and I'll arrange for you to have an initial discussion with one of our consultants to see how we can assist you.
More than mortgages, talk to me about: Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance General Insurance | Valuations | Conveyancing | Wills | Home finders
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.