Making the move into long term care

If you’re moving into long term care, it helps to be prepared.

Savings customers

If you hold a savings account with us and you are going into long-term care, we’ll need written confirmation from the care home that you’ve move in. We’ll also ask for one of the following to discuss the account in detail with a personal representative:

  1. Power of Attorney – Power of Attorney (POA) is a legal authorisation which gives a designated person, termed the agent or attorney-in-fact, the power to act for another person, known as the principal. The agent may be given broad or limited authority to make decisions about the principal’s property, finances, investments, or medical care. You can find out more about this here:
  2. Court of Protection – a Court of Protection order is normally used when a Power of Attorney is not already in place. The order gives a deputy, appointed by the court, the permission to manage the affairs for someone who cannot manage them themselves. This happens after they have lost mental capacity.
  3. Letter of Authority (Third Party Access) – a written document signed by the customer providing consent for us to discuss matters of the account with a person appointed by them. The powers granted by a LOA are limited normally to information only but are useful when an intermediary is required between Hodge and our customer.

Get in touch with our savings team by email or phone – it’s completely up to you.

Phone: 0800 028 3746

Email: deposits@hodgebank.co.uk

Mortgage customers

If you’re going into long-term care and hold a mortgage with us then you can find out what to do below, the process will depend on whether you hold a joint mortgage or a single mortgage.

Joint mortgage:

If you hold a joint mortgage, and one party is still living in the property then nothing will happen until that person moves into long term care or passes away. We will require written confirmation from the care home that you have taken up residency so we are able to update your account. No further actions are required as the mortgage obligations are retained by the remaining mortgage holder.

Single mortgage:

After the last mortgage holder  moves into long term care or passes away the mortgage becomes due for redemption.

Usually, the outstanding balance is redeemed through the sale of the mortgaged property.

On receipt of the full redemption funds, we discharge our interest in the property and it’s title at the Land Registry.

We expect to receive full redemption funds within 12 months of the date the last surviving customer goes into long term care or passes away.

If you want to let us know that you are going into long term care please use the details below:

Phone: 0800 731 4076

Email: support@hodge.co.uk