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  • FIRST POST
    • Kabous
    • By Kabous 11th Sep 17, 1:19 PM
    • 13Posts
    • 0Thanks
    Kabous
    Jobseker - How to manage mortgage
    • #1
    • 11th Sep 17, 1:19 PM
    Jobseker - How to manage mortgage 11th Sep 17 at 1:19 PM
    Dear All

    Mine is a similar case as some other threads on here and I have taken consideration of the comments given so far.

    Place of work closed unexpectedly in July and all staff made redundant. I am currently trying to find new employment, but the mortgage needs to be paid. Up to now I have used some savings, but things are getting very difficult.

    I have about 9 years left on the current mortgage deal and have overpaid the mortgage by the odd £50-100 when I could. My mortgage has been with this lender for the last 11 years.

    Your advice/comment will be appreciated to arm me with some options before I contact the mortgage lender.

    Much obliged.

    K
Page 1
    • glosoli
    • By glosoli 11th Sep 17, 5:59 PM
    • 633 Posts
    • 366 Thanks
    glosoli
    • #2
    • 11th Sep 17, 5:59 PM
    • #2
    • 11th Sep 17, 5:59 PM
    One option might to see whether you have overpaid sufficiently to be entitled to a payment holiday for a period of time.
    • Kabous
    • By Kabous 12th Sep 17, 12:40 PM
    • 13 Posts
    • 0 Thanks
    Kabous
    • #3
    • 12th Sep 17, 12:40 PM
    • #3
    • 12th Sep 17, 12:40 PM
    Yep, that is on my list. Still researching other options, but nothing much than extending the repayment term to reduce the mortgage.

    Hope someone is around here soon with some advice.
    • kingstreet
    • By kingstreet 12th Sep 17, 12:46 PM
    • 31,934 Posts
    • 17,069 Thanks
    kingstreet
    • #4
    • 12th Sep 17, 12:46 PM
    • #4
    • 12th Sep 17, 12:46 PM
    Any options open to you will depend entirely on what your lender is prepared to offer. There is no industry-standard approach.
    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.
    • Brock_and_Roll
    • By Brock_and_Roll 12th Sep 17, 12:52 PM
    • 756 Posts
    • 726 Thanks
    Brock_and_Roll
    • #5
    • 12th Sep 17, 12:52 PM
    • #5
    • 12th Sep 17, 12:52 PM
    Yep, that is on my list. Still researching other options, but nothing much than extending the repayment term to reduce the mortgage.

    Hope someone is around here soon with some advice.
    Originally posted by Kabous



    Yes but without a job, you wont be able to extend the mortgage, switch it to a lower rate etc.


    So other than getting back to work asap, the options seem to be:


    1) check whether payment holiday allowed
    2) check whether "interest only" period allowed
    3) sell stuff/ scrimp etc to ensure mortgage paid even if it means living on pot noodles while out of work.
    • Dandytf
    • By Dandytf 12th Sep 17, 3:40 PM
    • 763 Posts
    • 299 Thanks
    Dandytf
    • #6
    • 12th Sep 17, 3:40 PM
    • #6
    • 12th Sep 17, 3:40 PM
    One option might to see whether you have overpaid sufficiently to be entitled to a payment holiday for a period of time.
    Originally posted by glosoli
    This is why I got past short term unemployment.

    With Natwide who auto deduct from overpayment reserve if a payment isn't paid in via SO.
    sc dmp 2012 13k

    Jan 2017 7380 paid. 50% ish...
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