Notices
  • Savings products - In preparation of the launch of our new and improved Online Service we have temporarily withdrawn online applications for all our savings products. You can still apply for these products by post or in branch. All savings products will be available to apply online from 12 May. We apologise for any inconvenience this may cause.

  • We’ll shortly be making some changes to our Online Service to make it simpler and easier for you to use.  

    Our new Online Service will have a modern design, improved navigation and many added benefits.  

    Find out more about the changes

  • Mortgage products - On Wednesday 23 April, we made changes to our mortgage product range. These include rate adjustments across our fixed rate products, and an increase to our Owner Occupier Joint Borrower Sole Proprietor maximum LTV to up to 90% (with no additional security required) for loans up to £500,000.
  • Online Service update. Due to planned essential maintenance our Online Service will be unavailable from 6pm until 12am on Wednesday 7 May. Our Online Service will also be unavailable between 5.30pm on Friday 9 May until 9am on Monday 12 May. We apologise for any inconvenience this may cause.

Bereavement Mortgage and savings accounts

What happens to mortgage/savings accounts once we've received the death certificate? Below we have answered this in detail.

 

Below you'll find more information about what happens with each different type of account we hold for someone that has passed away once we've received the death certificate.

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.