Should you make a will when you get a mortgage?

Yes. Buying a home is a big financial commitment and unfortunately, your mortgage responsibilities don’t end if you pass away. Lenders are generally quite sympathetic but they’ll still want their loan repaid – and if your inheritors can’t pay, the lender can ask them to sell the property to get the cash back.

Not having a will also means giving up control of what happens to your things when you’re gone. If you die without a will, inheritance laws dictate who gets what – and that might not be what you want. For example, even if you’ve lived with your partner for decades, if you’re not married or in a civil partnership they won’t automatically inherit from you. But if you put them in your will, you can override those laws.

In your will, you can specify exactly what happens to your money, property and belongings after you pass away. If you have children, you can nominate a guardian to look after them.

You can write a will yourself with a DIY kit, but be warned tiny mistakes (like not getting it witnessed properly) can invalidate it. The safest thing to do is use a professional will-writing service, like Farewill, or a solicitor. Once you’ve got your will, you can change it as many times as you like.

You can also take out life insurance to help your loved ones deal with your mortgage debt if you pass away. There’s a specialist type of life insurance called mortgage insurance, which covers you for the amount you owe on your mortgage. If you pass away, your loved ones can use the payout to pay off the mortgage, or at least bring it down to a more affordable level. Just be aware they don’t have to use it for the mortgage, unless you make that clear in your will.

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