Wife has died ..What now for Joint Mortgage

B

B Flong

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Folks
Some info needed please with this sensitive subject .
Sadly my wife has died a couple of weeks ago .We have a PTSB Mortgage in both our names .
We have life cover for the amount of the mortgage arranged by PTSB when we did a re-mortgage around 2008 . I called into the PTSB branch office in my town and they just said I needed to bring them up the Death Cert and they would send it to head office who would look after things from there .Not very helpful there and had to converse with the staff member at a podium 6 inches away from the lodgement Q :-( As it was a sudden death we still need to get the full PM Report from the Coroner,in the meantime he gave us an interim report which just basically said she had died .I've been told by our local GP that this could take 6 to 9 months before it is issued so a death cert will take that long ! I've been told and was always under the impression that if one party in a joint mortgage dies then the load effectively dies .Can anyone enlighten me on this one .
Also are PTSB likely to try convert the mortgage from a tracker to a variable or is this a mute point is the load is dead . It's not something we ever really envisaged but were just looking forward to 6 years time when it was due to end ,,,you never know whats around the corner :-(
Any thoughts advice gladly received .
B
 
Sorry for your loss.

The interim coroners cert should be sufficient in my experience.

If you don't feel up to dealing with this, you could ask your solicitor to do it. It is something we deal with quite frequently.
 
Sorry to hear about your loss F.

You need to get on to your insurer to tell them. If your mortgage is with PTSB, it is most likely Irish Life. Tell them you need to make a claim and get the forms sent out to you.

The purpose of the life cover is to pay off the capital sum in the event of death. The proceeds of the policy will be paid to PTSB to clear the debt. If there is anything left over, it will be paid over to you.


Steven
www.bluewaterfp.ie
 
Sorry to hear of your circumstances.

Do you want the loan paid off or do you want to continue making payments. I believe you can choose, but you'd need the banks permission.
 
Sorry for your loss.

It's not that the debt effectively dies with the account holder but that if you have a mortgage protection policy you then make a claim on that which then pays off the debt. As advised above find out the insurer, contact them to make a claim. PTSB are probably only looking after their side of things with noting it on the account, probably any future mortgage post you get from them will say Mr. X and Reps of Mrs. X so be prepared for that, some people find that very upsetting.

If your policy was arranged through them and is likely assigned to them then they will use it to clear the outstanding debt and if there is a surplus they will give you the balance. If the policy is your own and not assigned then it is your decision what to do with the proceeds which may or may not include paying off the mortgage.

They won't be looking to take the tracker off you, they would simply remove your wife's name from the mortgage when all the paperwork is in place.

If it is going to be several months before the insurance pays out then in reality payments are still going to be due for those months, ideally you should continue to pay them if you have the means to do so in case the life cover amount is just enough to pay balance at date of death, if there is any surplus anyway you will get it so will not lose out by continuing paying. If you want to stop then discuss it first with bank.

Best of luck
 
Thanks a million guys for your replies ..I will be taking your advice and contacting my solicitor in the morning .There are another couple of things like a Unit linked Personal retirement bond with Irish life that's solely in her name from a job she was in for 10 yrs of so ..totally confused on that one :-( I think as in most households there is one person that looks after this stuff and we have lost that person :) Hopefully with your guys great advice and my long term solicitors help (haven't needed him in 20 years ) we can at least cover myself and the kids as I'm pretty sure it can be a minefield .I've already got one of those "representative of the deceased" letters from her car insurance and your are correct ..it's a bit of a jar the first time it arrives .
Anyway I'm rambling now but again thanks you once again for your very helpful advice and knowledge.
Brendan
 
I hope your solicitor is helpful to you. Just a thought...do you have a family friend or a brother or sister who is good at the financial stuff?
You're right that that there is usually one person in a house that looks after the financials. It might be helpful for you to have someone you know who could sit down & go through everything with you & do some handholding until you get on top of the things that you weren't used to dealing with.
Don't be afraid to ask for a bit of help.
I hope things go well for you & condolences on your recent loss.
 
B Flong said:
Thanks a million guys for your replies ..I will be taking your advice and contacting my solicitor in the morning .There are another couple of things like a Unit linked Personal retirement bond with Irish life that's solely in her name from a job she was in for 10 yrs of so ..totally confused on that one :-( I think as in most households there is one person that looks after this stuff and we have lost that person :) Hopefully with your guys great advice and my long term solicitors help (haven't needed him in 20 years ) we can at least cover myself and the kids as I'm pretty sure it can be a minefield .I've already got one of those "representative of the deceased" letters from her car insurance and your are correct ..it's a bit of a jar the first time it arrives .
Anyway I'm rambling now but again thanks you once again for your very helpful advice and knowledge.
Brendan
Click to expand...

Again, get in touch with Irish Life on this. This is a pension plan. There is a good chance that the value of the fund will be paid out tax free (maximum tax free payment is 4 times salary).

If your wife looked after all the financials, make sure you are familiar with all the banks accounts and method of payments of all the bills. Do you know you account details for electricity, phone etc and who your providers are?

Steven
www.bluewaterfp.ie
 
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