If you have a mortgage, it is easy to think of it as something that simply runs in the background each month. But a mortgage often needs decisions to be made over time — whether that means changing payment arrangements, reviewing the rate, refinancing, speaking to the lender, or making choices about the property if circumstances change.
As advisers, we care deeply about helping clients protect not only their finances, but also the people they love. One of the most important — and often overlooked — ways to do this is by putting a Property and Financial Affairs Lasting Power of Attorney in place.
This type of Lasting Power of Attorney allows someone you trust to step in and manage financial matters for you if you lose mental capacity. Without it, even a spouse, partner or adult child may not be able to speak to your mortgage lender, arrange changes, manage paperwork, or make important financial decisions on your behalf.
That can leave families facing delays, stress and uncertainty at exactly the moment they need support the most.
As advisers, we care deeply about helping clients protect not only their finances, but also the people they love. One of the most important — and often overlooked — ways to do this is by putting a Property and Financial Affairs Lasting Power of Attorney in place.
This type of Lasting Power of Attorney allows someone you trust to step in and manage financial matters for you if you lose mental capacity. Without it, even a spouse, partner or adult child may not be able to speak to your mortgage lender, arrange changes, manage paperwork, or make important financial decisions on your behalf.
That can leave families facing delays, stress and uncertainty at exactly the moment they need support the most.
A situation no family wants to face
Sadly, we have all seen stories where someone becomes seriously ill or loses mental capacity, and their loved ones suddenly discover they cannot access accounts, manage household finances, or deal with the mortgage. It can come as a huge shock, because many people naturally assume that their closest family member will automatically be allowed to help.
In reality, lenders and financial institutions usually need the correct legal authority before they can take instructions from anyone else. If there is no valid Power of Attorney in place, the family may need to apply to the Court of Protection for deputyship before they can act. This can take time, cost money, and create additional pressure during an already emotional period.
For someone with a mortgage, those delays can be particularly worrying. Payments may need to be maintained, arrears may need to be discussed, or decisions may need to be made quickly. Having the right Power of Attorney in place can make a difficult situation far easier for those left trying to help.
In reality, lenders and financial institutions usually need the correct legal authority before they can take instructions from anyone else. If there is no valid Power of Attorney in place, the family may need to apply to the Court of Protection for deputyship before they can act. This can take time, cost money, and create additional pressure during an already emotional period.
For someone with a mortgage, those delays can be particularly worrying. Payments may need to be maintained, arrears may need to be discussed, or decisions may need to be made quickly. Having the right Power of Attorney in place can make a difficult situation far easier for those left trying to help.
It is not just something to think about later in life
Many people think Powers of Attorney are only relevant as we get older. But life can change unexpectedly at any age. A loss of mental capacity can happen suddenly because of:
- A serious accident or head injury
- A stroke or traumatic brain injury
- A severe illness
- A sudden neurological condition
- A serious mental health crisis
In some cases, a person may still be able to manage day-to-day choices, but may no longer be able to make complex financial decisions. This is where the right planning can make such a meaningful difference.
For families, especially those with children or shared financial commitments, a Power of Attorney can help keep important matters moving. It may allow trusted people to deal with mortgage payments, bills, savings, pensions, investments and other financial responsibilities if you are unable to do so yourself.
How we can help
You can arrange a Power of Attorney directly through the Office of the Public Guardian, or you may choose to seek support from a solicitor or trained professional. At Haverfords, we offer an in-house Power of Attorney service designed to make the process clear, efficient and reassuring.
Putting a Power of Attorney in place is not about expecting the worst. It is about caring enough to plan ahead — for yourself, your home, and your family.
Kat - IFA/Director
Putting a Power of Attorney in place is not about expecting the worst. It is about caring enough to plan ahead — for yourself, your home, and your family.
Kat - IFA/Director
