A mortgage doesn't disappear when the borrower dies. The payments still fall due, and the debt is dealt with from the estate along with the property. Many mortgages, though, come with life cover or payment protection. If your family doesn't know about it, they may keep paying for months when an insurer should be paying instead.
What to write down
- the lender and the mortgage account number,
- a photo or screenshot of the first page of the agreement,
- whether there's a policy linked to it (life cover, payment protection) and who provides it.
Add the terms that are easy to forget, such as when the fixed-rate period ends. Without that date, the loan can drop onto a much higher rate before anyone notices.
In the app: Financial Liabilities, then Mortgages.
