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  • FIRST POST
    • B.B
    • By B.B 11th Sep 17, 11:03 AM
    • 4Posts
    • 0Thanks
    B.B
    Mortgaged due for renewal (shared ownership) and redundancy
    • #1
    • 11th Sep 17, 11:03 AM
    Mortgaged due for renewal (shared ownership) and redundancy 11th Sep 17 at 11:03 AM
    Hello, I'm new to this so please bare with me.

    I've owned my shared ownership property for 13 years and have had the same job during that time.

    I've just been made redundant and have realised my mortgage is due for renewal next month, and not next year, as I initially thought!

    I am also in the process if extending my lease (I it's currently at 76 years). I've had to fund this myself via a personal loan as my bank refused to release any of my equity to cover this as they did not deem it "urgent". I assume this will be a positive for the bank as the flat's value will increase with a longer lease - the fact I've got a personal loan and don't now have an income could be a problem though?

    So... My main issue is what I do about renewing my mortgage without having a job, I doubt I'll find another before this mortgage needs renewing. I believe my mortgage will return to the banks standard variable rate after it ends, but I am not sure if even this applies if I don't have a job! Or whether I could claim from my TMPI policy if the mortgage is out if it's fixed rate deal.

    Please could anyone advise me on what I should do next as I'm feeling completely overwhelmed and don't know where to start!

    Thank you!
Page 1
    • kingstreet
    • By kingstreet 11th Sep 17, 11:29 AM
    • 31,914 Posts
    • 17,058 Thanks
    kingstreet
    • #2
    • 11th Sep 17, 11:29 AM
    • #2
    • 11th Sep 17, 11:29 AM
    Check your current lender's customer retention products. These are often available online, without advice and without status or affordability checks.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • B.B
    • By B.B 11th Sep 17, 4:23 PM
    • 4 Posts
    • 0 Thanks
    B.B
    • #3
    • 11th Sep 17, 4:23 PM
    • #3
    • 11th Sep 17, 4:23 PM
    Thanks for the response.

    Won't I have to confirm there have been no changes to my circumstances to proceed with the application? And if I did that I assume that would make my mortgage fraudulent and therefore invalidate my mortgage and the insurance policy?
    • kingstreet
    • By kingstreet 11th Sep 17, 4:36 PM
    • 31,914 Posts
    • 17,058 Thanks
    kingstreet
    • #4
    • 11th Sep 17, 4:36 PM
    • #4
    • 11th Sep 17, 4:36 PM
    I've no idea.

    As a customer retention product normally requires no further checks of any kind, I'd be surprised if the requirement is as you have stated. That would be normal post-app on a new application.

    Why don't you see what is involved and report back...?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • B.B
    • By B.B 11th Sep 17, 4:48 PM
    • 4 Posts
    • 0 Thanks
    B.B
    • #5
    • 11th Sep 17, 4:48 PM
    • #5
    • 11th Sep 17, 4:48 PM
    OK, so I've been through the application process to switch deals online. It mentioned the mortgage would only be agreed if all parties were happy with the terms of the 'customer declaration form' so I assume that's where I'd have to declare there were no changes to my circumstances. Any further advice would be much appreciated.

    At the moment my bank and mortgage company (Halifax) are unaware of my cutrent financial situation.
    • kingstreet
    • By kingstreet 11th Sep 17, 5:02 PM
    • 31,914 Posts
    • 17,058 Thanks
    kingstreet
    • #6
    • 11th Sep 17, 5:02 PM
    • #6
    • 11th Sep 17, 5:02 PM
    You don't have the same process we do, so you'd need to get hold of the declaration you refer to and establish exactly what it says.

    If you plan to claim on an MPPI policy, it may be worth leaving things alone and only doing the product transfer when your claim comes to an end...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • B.B
    • By B.B 11th Sep 17, 5:39 PM
    • 4 Posts
    • 0 Thanks
    B.B
    • #7
    • 11th Sep 17, 5:39 PM
    • #7
    • 11th Sep 17, 5:39 PM
    Thank you.
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