Mortgage and savings accounts

Once we’ve received the death certificate, we’ll write to the Personal Representative(s) or next of kin, and let them know what account(s) are held with us, how much is in each and if any interest is owed. 

If we need any other information or the legal representative asks for more information, we’ll provide that too. We’ll also confirm what documents we need to close the account(s), including what identification we'll need to verify the Personal Representative(s) or next of kin.

If the account balance, including accrued interest, is under £5,000 we can close it once we receive an acceptable Statutory Declaration (for the duration of coronavirus the limit has been raised and the account balance can be up to £15,000). If this applies, we’ll get in touch to make sure we have the information we need. 

Sole accounts 

We'll release account information to the Personal Representative(s) or next of kin, which can be used to apply for the Grant of Representation if required. We’ll confirm what documents we need to close the account, and once we've received them, we'll close the account(s) and release the monies. We won't charge penalties or withhold paying interest for any early account closures. 

Joint accounts 

If a savings account is held jointly, it will automatically pass to the other account holder(s) and the terms and conditions of the account will stay the same.

ISA's 

ISA's will stay open until we receive documentation to close the account, the administration of the estate has been completed or the 3rd anniversary of the date of the death. If you’re the spouse or registered civil partner of the person who has died, you may be able to inherit an additional ISA allowance. You’ll need to apply for an Additional Permitted Subscription (APS) allowance which will entitle you to a one-off additional allowance to cover the value of your partner's savings as well as your own. Please speak to us on 03330 140144 if you need further information about how to do this. 

Expenses

If you need funds to part-pay or fully pay for funeral expenses or Inheritance Tax, we can release money from the deceased’s account(s) before the Grant of Representation is obtained. We will pay funeral expenses directly to the Funeral Director. For Inheritance Tax payments we can pay HMRC directly. Alternatively, a cheque made payable to HMRC can be sent to the Personal Representatives.

Joint borrowers

If two or more borrowers jointly own the property which is mortgaged with us, our process will be different depending on how the property is held. We can help you identify how it is held (either as joint tenants or tenants in common) and we'll guide you through the relevant process.  

Mortgage terms and conditions will stay the same and it’s important to be aware that the mortgage must still be paid to us, even where one of the borrowers has passed away. If you think you may have difficulty in making these payments, please contact us on 03330 140146.

The mortgaged property must continue to be insured under a comprehensive buildings insurance policy. Land registry must also be informed.

Sole borrowers 

As soon as we receive the death certificate we won't collect any more mortgage payments but interest will carry on being added to the account. We’ll release information to the Personal Representative(s) or next of kin which can be used for a Grant of Representation if required. 

The mortgaged property must continue to be insured under a comprehensive buildings insurance policy until the property is sold and we ask to be kept informed about the sale process. Land registry must also be informed.