Wills, LPAs, and Mortgages: 5 Things You Should Know About Protecting Your Home

Buying a home or arranging a remortgage is one of the most exciting journeys you’ll ever embark on. It’s a time of big dreams, Pinterest boards, and that wonderful feeling of security. But we also understand that it comes with an overwhelming amount of decisions. Between the solicitors, the surveyors, and the sea of paperwork, it’s easy to feel a bit frazzled.

At Giles Financial Services, we’ve spent over 20 years helping people like you navigate the property market. Our goal is to make the "scary bits" of finance feel manageable and even celebratory. Because once the mortgage is sorted, you deserve to know that your home: and your family: are truly protected for the long haul.

Introducing Jackson Giles: Our Expert Estate Planning Partners

When you’re securing a mortgage, you’re thinking about the future. That’s why it is the absolute perfect time to think about Wills and Lasting Power of Attorney (LPA). To give you the very best advice, we’ve partnered with the experts at Jackson Giles.

Jackson Giles specialises in estate planning, helping our clients wrap a "legal safety blanket" around their property. By working together, we ensure that your mortgage advice and your estate planning are joined up, jargon-free, and tailored specifically to your life.

Here are 5 things you should know about why Wills and LPAs are just as important as your mortgage deal.

1. Your Mortgage Doesn’t Wait for a Crisis

Did you know that if you were to lose mental capacity: perhaps through a sudden illness or an accident: your family might not be able to access your bank accounts to pay the mortgage? Even if you are married or in a civil partnership, bank accounts in your name can be frozen.

This is where a Property and Financial Affairs Lasting Power of Attorney (LPA) comes in. It allows you to appoint someone you trust (like a partner or a child) to manage your finances if you can’t. Without an LPA, your loved ones would have to apply to the Court of Protection, which is a process that can take over a year and cost thousands of pounds.

By setting up an LPA while you are healthy, you ensure that your mortgage, insurance, and bills are always paid on time, keeping your home safe even in the toughest times.

2. "Joint Tenants" vs "Tenants in Common" Matters

When you buy a home with someone else, how you own it is crucial.

Joint Tenants: If one of you passes away, the house automatically goes to the survivor.
Tenants in Common: You each own a specific share. If one of you passes away, your share goes to whoever is named in your Will (or follows the laws of intestacy if you don't have one).

If you own your home as Tenants in Common, a Will is absolutely vital. Without it, your share of the house could end up belonging to a distant relative instead of your partner. Jackson Giles can help you look at how your property is held and ensure your Will reflects your true wishes.

3. Protecting Your Children’s Future

If you have children under 18, a Will is about more than just bricks and mortar. It’s the only legal way to appoint Guardians.

We understand that thinking about this can be emotional, but it’s a powerful act of love. By naming guardians in your Will, you ensure your children are looked after by the people you choose, in the home you’ve worked so hard to provide for them. A Will also allows you to set up trusts, so any money from life insurance or the sale of the house is managed responsibly for their future.

4. Avoiding the "Intestacy Trap"

Many people believe that if they pass away without a Will, everything automatically goes to their partner. Sadly, that isn’t always the case, especially for unmarried couples.

Under the "Laws of Intestacy" (the government’s default rules), unmarried partners have no automatic right to inherit the home. This could lead to a situation where a grieving partner is forced to sell the family home just to pay out other relatives. Creating a Will with Jackson Giles ensures that you decide who stays in the home, not a set of outdated legal rules.

5. Health and Welfare: Deciding Where You Live

While a Property LPA handles the money, a Health and Welfare LPA handles you. This document gives your chosen person the power to make decisions about your medical care and, crucially, where you live.

If you ever needed long-term care, your attorney could advocate for you to stay in your own home with support, rather than being moved into a care facility against your wishes. It’s about maintaining control over your life and your dignity, even if you can't speak for yourself.

Why Do This Now?

We often see clients who think they’ll "get around to it" later. But the best time to protect your home is the moment you commit to it. By handling your mortgage and your estate planning at the same time, you get a complete financial solution.

You’ve done the hard work of saving for a deposit and finding the perfect house. Let us: and our partners at Jackson Giles: do the hard work of making sure it stays yours and your family's, no matter what life throws your way.

Wills, LPAs, and Mortgages: 5 Things You Should Know About Protecting Your Home

Introducing Jackson Giles: Our Expert Estate Planning Partners

1. Your Mortgage Doesn’t Wait for a Crisis