Mortgage advice - partner killed
Discussion
Hi guys,
Firstly, apologies for the blunt title.
To cut a very long story short, my partner was killed in a motorbike accident on Friday. We had no life or mortgage insurance as he was made redundant last September and we had to find ways to save money.
The house was purchased for £207,500 two years ago. I put down the deposit of £90,000, paid my partner £75 a month (which would be the monthly payment for my half of the house) and the rest was paid from my partners current account (approx £600 a month - he had savings that would pay the mortgage until September).
I don't have the income to cover the mortgage myself and, as I have said, we had no insurance (please don't tell me I should have had it, I realise that).
I won't get a copy of the death certificate until the post mortem is carried out (tomorrow / Tuesday) and I have formally identifed him (Wednesday) so can't really sort any of the finances until then.
I realise that I may have to sell up eventually, but need to try and hang on to the house for as long as possible as there is going to be an inquest which could last up to a year (an elderly cyclist did a 'U' turn just as my partner was alongside and they collided and died - have been told my partner wasn't at fault).
Does anybody know what my options are? I'm sick with grief at losing my partner and the thought of losing the house too is too much to bear.
Any help would be hugely appreciated...thank you.
Firstly, apologies for the blunt title.
To cut a very long story short, my partner was killed in a motorbike accident on Friday. We had no life or mortgage insurance as he was made redundant last September and we had to find ways to save money.
The house was purchased for £207,500 two years ago. I put down the deposit of £90,000, paid my partner £75 a month (which would be the monthly payment for my half of the house) and the rest was paid from my partners current account (approx £600 a month - he had savings that would pay the mortgage until September).
I don't have the income to cover the mortgage myself and, as I have said, we had no insurance (please don't tell me I should have had it, I realise that).
I won't get a copy of the death certificate until the post mortem is carried out (tomorrow / Tuesday) and I have formally identifed him (Wednesday) so can't really sort any of the finances until then.
I realise that I may have to sell up eventually, but need to try and hang on to the house for as long as possible as there is going to be an inquest which could last up to a year (an elderly cyclist did a 'U' turn just as my partner was alongside and they collided and died - have been told my partner wasn't at fault).
Does anybody know what my options are? I'm sick with grief at losing my partner and the thought of losing the house too is too much to bear.
Any help would be hugely appreciated...thank you.
Firstly, I cant imagine the situation you must be in, you have my deepest sympaties.
Did you previously have insurance? Did you actually end the policy or suspend it or just cancel the direct debit? Maybe you are covered but dont realise it?
Can a claim be made against the third parties home insurance?
Did you previously have insurance? Did you actually end the policy or suspend it or just cancel the direct debit? Maybe you are covered but dont realise it?
Can a claim be made against the third parties home insurance?
Thank you, it really doesn't seem real at all.
We did have insurance but the policy was ended at the start of September as we really didn't have enough money to keep it going, so can safely say there is no cover.
I hadn't thought about the third parties home insurance, so will look in to that. It has been suggested that my partners bike insurance may pay compensation of some description, but as he did everything online I need access to his email or have a list of direct debits etc before I can even find out who he was insured with. I think. I'll have to check that with the family liaison officer tomorrow.
We did have insurance but the policy was ended at the start of September as we really didn't have enough money to keep it going, so can safely say there is no cover.
I hadn't thought about the third parties home insurance, so will look in to that. It has been suggested that my partners bike insurance may pay compensation of some description, but as he did everything online I need access to his email or have a list of direct debits etc before I can even find out who he was insured with. I think. I'll have to check that with the family liaison officer tomorrow.
Your post reminds us all of the sudden changes that life can bring.
My deepest sympathy.
Clearly you need as much advice as you can get.
I retired as a Chartered Accountant this year. In my time in Practice I did a lot of work for Citizens Advice without charge, on debt counselling and the like. You may well find your local CAB can offer detailed advice.
The lender of your mortgage will be very keen to act sensitively once they know the facts. They will certainly offer a holiday on the mortgage whilst you come to terms with your loss and changed circumstances. Again your CAB and local housing advice centre should be able to offer support to ensure the lender understands the tragedy.
There are details I would like to ask you concerning probate and other possible avenues for insurance claims but the detail required would be inappropriate on a public forum.
If you wish to discuss this you are most welcome to PM me and I will respond.
My sincere condolences once again.
My deepest sympathy.
Clearly you need as much advice as you can get.
I retired as a Chartered Accountant this year. In my time in Practice I did a lot of work for Citizens Advice without charge, on debt counselling and the like. You may well find your local CAB can offer detailed advice.
The lender of your mortgage will be very keen to act sensitively once they know the facts. They will certainly offer a holiday on the mortgage whilst you come to terms with your loss and changed circumstances. Again your CAB and local housing advice centre should be able to offer support to ensure the lender understands the tragedy.
There are details I would like to ask you concerning probate and other possible avenues for insurance claims but the detail required would be inappropriate on a public forum.
If you wish to discuss this you are most welcome to PM me and I will respond.
My sincere condolences once again.
My sympathies, a horrible thing to happen.
I'm a mortgage broker. No real use to you at this stage, however if you want me to have an informal chat with your lender to see how they would react, and how they would be prepared to help you I happily will. It would save youy havein gto do it, and moreover not alert your lender to a possible problem.
Ping me a PM, the only thing I'll need to know is which lender you are with.
I'm a mortgage broker. No real use to you at this stage, however if you want me to have an informal chat with your lender to see how they would react, and how they would be prepared to help you I happily will. It would save youy havein gto do it, and moreover not alert your lender to a possible problem.
Ping me a PM, the only thing I'll need to know is which lender you are with.
I'm so so to hear this news, it's truely awful.
With regards to the Life Insurance situation, is there any possibility that;
- he may have some death in service benefit from his employer?
- he had a pension?
- he had/has an endowment or similar that may contain an element of Life Insurance?
Long shots I know but might be worth exploring...
With regards to the Life Insurance situation, is there any possibility that;
- he may have some death in service benefit from his employer?
- he had a pension?
- he had/has an endowment or similar that may contain an element of Life Insurance?
Long shots I know but might be worth exploring...
My sincerest apologies for your loss, for what its worth, I too was a biker until I had children. I often thought about getting back on, but this has served me enough of a warning that it won't happen for a fair while.
WRT finances, call everyone that you owe or pay money to. I recently dealt with my fathers estate, and found companies very helpful and flexible.
I'm talking about the water board, council tax joint CC etc. If you have someone a bit money savvy in the family, ask them to help you sort things out.
You have excellent equity in the house, so I'm fairly sure that the mortgage company will allow a payment holiday, and you'll probably be able to extend the payment term to 30 years, if it isn't already, lowering your monthly payments.
WRT finances, call everyone that you owe or pay money to. I recently dealt with my fathers estate, and found companies very helpful and flexible.
I'm talking about the water board, council tax joint CC etc. If you have someone a bit money savvy in the family, ask them to help you sort things out.
You have excellent equity in the house, so I'm fairly sure that the mortgage company will allow a payment holiday, and you'll probably be able to extend the payment term to 30 years, if it isn't already, lowering your monthly payments.
Sorry to hear about your awful news.
I agree that a mortgage holiday would be a good idea. The important thing is to talk to the mortgage people as soon as you can so that they are fully aware of the situation.
Although probably not something you could even begin to contemplate at the moment, but a longer term option could be to let out part of your home to a lodger or lodgers.
I agree that a mortgage holiday would be a good idea. The important thing is to talk to the mortgage people as soon as you can so that they are fully aware of the situation.
Although probably not something you could even begin to contemplate at the moment, but a longer term option could be to let out part of your home to a lodger or lodgers.
scotal said:
My sympathies, a horrible thing to happen.
I'm a mortgage broker. No real use to you at this stage, however if you want me to have an informal chat with your lender to see how they would react, and how they would be prepared to help you I happily will. It would save youy havein gto do it, and moreover not alert your lender to a possible problem.
Ping me a PM, the only thing I'll need to know is which lender you are with.
First of all I am dreadfully sorry for your loss. I hope you find peace in time.I'm a mortgage broker. No real use to you at this stage, however if you want me to have an informal chat with your lender to see how they would react, and how they would be prepared to help you I happily will. It would save youy havein gto do it, and moreover not alert your lender to a possible problem.
Ping me a PM, the only thing I'll need to know is which lender you are with.
Scotal is a splendid bloke - he helped me out some time ago and was a godsend.
I suspect that your husband's insurers will provide some sort of lump sum payment on death. It won't be much but it'll be something. Your lender will almost certainly work with you over the coming year to ensure that you do not have to move (least of all because they are obliged to "Treat Customers Fairly").
Again, sorry, and if I can help I will. I will send you some contact details if you require any informal legal advice.
What a horrible situation, deepest sympathies.
When you say partner, I assume you aren't married? If so, you need to speak to a solicitor to find out how the house was owned - it could either be owned by you now, or you share ownership with the estate now. You'll need to have the difference between joint tenancy and tenancy in common explained. The estate may still be responsible for paying the mortgage - again, buy time by asking for a payment holiday.
If you're married, I think you can ignore what I've said above....
When you say partner, I assume you aren't married? If so, you need to speak to a solicitor to find out how the house was owned - it could either be owned by you now, or you share ownership with the estate now. You'll need to have the difference between joint tenancy and tenancy in common explained. The estate may still be responsible for paying the mortgage - again, buy time by asking for a payment holiday.
If you're married, I think you can ignore what I've said above....
Contact your lenders and explain the situation. If they're any good they'll be happy to come to some sort of arrangement, whether that be reduced payments or a mortgage holiday. Some years back money was a bit tight (nothing like your situation, obviously) so I rang up my lenders and they just suspended payments for six months. The important thing is to tell them sooner rather than later because if you fail to meet a payment they'll be less likely to want to help you out, that's just the way it is. Talk to Citizens' Advice too, they'll have some ideas.
Squirrelchops said:
I hadn't even thought of a mortgage holiday - it would be such a relief if that were possible.....there may be hope! Thanks.
Or go to interest only. Ive done this in the past its surprising how cheap it can be paying just the interest on the loan. Sorry to hear your loss.
I've just read your post...my deepest condolences...what a horrible thing for you to endure....
Another vote for the mortgage holiday (if you haven't already taken this option) but no need to rush into this...you have at least 30 or so days to do this (as I'm sure you've more pressing matters at hand)..
I took this option a few years back and it was a simple 10 minute phone call and I didn't have to 'prove' anything nor send in any evidence as to why I was requesting. All that was required was me to sign an agreement that they sent me....
I truly hope this finds you in a better position as to before.
Benjurs
Another vote for the mortgage holiday (if you haven't already taken this option) but no need to rush into this...you have at least 30 or so days to do this (as I'm sure you've more pressing matters at hand)..
I took this option a few years back and it was a simple 10 minute phone call and I didn't have to 'prove' anything nor send in any evidence as to why I was requesting. All that was required was me to sign an agreement that they sent me....
I truly hope this finds you in a better position as to before.
Benjurs
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