The process of dealing with a loved one's account differs for both mortgages and savings after we've received the death certificate (details of what to do first can be found on the bereavement guide).
For mortgages, The Cambridge or your Solicitor will notify the Land Registry of the death and they will then update the title deed to reflect this.
Our mortgage team will send you a confirmation letter detailing how the mortgage is held at the Land Registry (whether this is in sole/joint names or tenants in common) and if there is a physical pack of deeds or a live endowment policy in place.
For joint accounts
The mortgage will automatically transfer to the remaining account holder(s) and the deceased's name will be removed from the mortgage account.
The remaining account holder(s) are responsible for continuing to pay for the monthly payments. We understand that this is not always possible and therefore our Customer Contact Team are on hand to discuss what options are available to support you.
For sole accounts
Our financial support team will make contact and keep in touch with the registered contact on the account.
You may need a statement with the remaining balance on the mortgage account at the date of death to obtain the Grant of Probate – we can pass this on to you.
You can choose whether or not to continue paying the monthly mortgage payments but if not, interest will continue to be charged, increasing the overall balance which would then need to be paid on redemption of the mortgage.
When you're ready to clear the outstanding mortgage balance to close the account, you'll need a redemption statement which we can send to your Solicitor or the registered contact with further details on how we would accept the final funds.
For tenants in common
If you are a tenant in common with the deceased, the deceased’s name will remain on the mortgage account until the account is redeemed. You may wish to discuss this in further detail with the Solicitor dealing with the estate.
If you were looking to add a holder to the mortgage account, we would put you in contact with one of our Mortgage Advisers to discuss your options.
You can find the savings bereavement guide here.
We are on hand to help you with any queries or worries you may have. Just call our Customer Contact Centre on 0345 601 3180 or pop into your local branch or store and you'll find a Customer Service representative who can help.
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