mortgage renewal lost job

fkelanne

hiya all, my mortage is up for renewal in june, ive had a letter from my mortgage company today saying they will give me a variourable mortgage at 4.89 per cent. ive just lost my job so i dont think i will get a mortgage from any other company, what do i do? is there anythink i can do?
im getting JSAat the mo and im hoping ill find a job in the next 3 months but i have to think about if i dont find a job.
any help would b great. thanks

dunstonh

my mortage is up for renewal in june

mortgages do not renew. You take out a mortgage for a period of years (e.g. 25) and you may purchase a deal for the early years. After which you either move onto their standard variable rate or a tracker or if the lender is offering new deals you can buy one of those or your can remortgage to a new lender.

ive just lost my job so i dont think i will get a mortgage from any other company

Correct.

So, your options are to move on to the variable rate as originally planned or so if they have any other deals to offer you.

luckyfool

You could take a new deal from your lender, fixing for 5 yrs might be attractive to give you some peace of mind of fixed payments. The other consideration you should bear in mind is if you see yourself selling up or needing to relocate to find new work, if that happened you might not want to have tied in to a new deal with your current lender. There is no right answer here, you need to think about what you are likely to want to do over the next few years, and bear that in mind when making a decision.