Information to Notifiers – MORTGAGESRoss Caverhill2023-05-15T13:28:34+00:00
Notify the Mortgage providers of an account holder’s death – in one go
You have so much to deal with when someone dies – Settld is here to help, for free.
Complete one form, to close, freeze and transfer all the financial accounts of the person who died. Then track everything to completion in one secure space.
What Settld can do
Most people save 20 hours of admin stress and hassle by using Settld to:
Send the mortgage providers a death notification for sole and joint accounts
Request account updates, as per your needs*
Provide Date of Death balances and the next steps
Request marketing and mail to be stopped
Timeframes are set by each company, independent of Settld’s processes. Wherever possible, Settld works with companies to improve their bereavement processes and achieve faster resolution times. Click here to support our Better Bereavement Charter.
The Mortgage providers process Settld’s notification
Once you have submitted your Settld form, the notification of death is sent to each company. Most mortgage providers take 7-10 business working days to start their process for joint and sole accounts.
The Mortgage provide provides balances and the next steps
Date of death balances are uploaded to your secure Settld Dashboard. Some companies may send them to you by post – we’ll let you know if so. This typically takes a further 10-14 business working days.
Lenders tend to be sympathetic about bereavement, and may put a hold on repayments until it has been decided who is responsible for the estate and its debts.
The Mortgage provider contacts the next of kin
Depending on the type of mortgage and the situation of the estate, the mortgage provider will contact the Executor/Administrator in regards to:
If the property is to be inherited by someone and there is still an outstanding mortgage on it, the mortgage company will either require the mortgage to be paid immediately, or ask the person who inherits the property to take over the mortgage.
If there is a mortgage on the property, there might be a life insurance policy, an endowment policy, or mortgage protection policy which will pay the outstanding mortgage if the person with the mortgage dies.
Common Questions and Answers
Do I need the mortgage reference number to use Settld?Ross Caverhill2023-03-29T12:30:15+00:00
This information is not mandatory, but does speed up the process for mortgage providers if you have it to hand. We do need the deceased’s full name, their registered address on the account, and their date of birth.
*What will happen to joint and sole mortgage accounts?Ross Caverhill2023-03-29T12:30:51+00:00
Yes. However, if there is no will, most mortgage providers will ask a “Next of Kin” to act on behalf of the person who died. Please check who the immediate next of kin should be here, as per the rules of Intestacy.
I want to use Settld on behalf of the next of kin – is this possible?Ross Caverhill2023-03-29T12:32:04+00:00
Yes. The Settld form will ask for consent from the next of kin. They will be asked to sign a short form, saying that they are happy for you to act on their behalf. Settld will not be able to notify any companies, without this information.
How long will it take for the mortgage provider to stop sending mail in the name of the person who died?Ross Caverhill2023-03-29T12:32:33+00:00
Most companies take up to 6 weeks to update their systems. Unfortunately, timeframes are set by each organisation, and Settld does not have direct control over this process. Wherever possible, Settld works with companies to provide a better bereavement service, so please let us know if problems persist and we will flag this to the Bank for you.
Which Mortgage providers will Settld notify?
If you do not see a mortgage provider listed below, please add the company to your Settld form or write to firstname.lastname@example.org. We’ll always attempt to contact them on your behalf.
“Settld were instrumental in alleviating the worry of all the admin involved in dealing with closing my partner’s accounts, not to mention saving me a great deal of time. They were thorough and professional throughout the whole process, regularly keeping me up to date on their progress.”