Changing mortgage deal after redundancy

blondiejohnson

Hi,

I wonder if anyone can give me some advice.

I have recently been made redundant and have been fortunate enough to get a fairly decent payoff. I have also got over a years salary in savings as I have been planning on retraining for some time now and so was building up a buffer to allow me to do this. I am very confident that I can pay the mortagage and live off my savings for at least the next 18 months whilst I retrain.

My problem is that I currently have a tracker mortgage but I would like to change to a fixed one so I know what my outgoings are going to be over the next couple of years. However, as I do not have a job and therefore no income, I am concerned that I will have to go onto the standard variable rate when my mortgage deal ends.

Does anyone have any experience of this? I am concerned that the banks and building societies are not going to be interested in me, despite the level of savings I have.

Thanks.

happybroker

first stop needs to be your existing lender who might well be able to help you out as are unlikely to revalue or make enquiries about your income.

blondiejohnson

Thanks for that - I will start with my existing lender. I am interested to know if anyone else has any experience of this situation.