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No job with a mortgage

edited 30 November -1 at 1:00AM in Mortgages & Endowments
2 replies 541 views
alaska1alaska1 Forumite
1 posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Good morning,

I have been out of work for a few months but have been able to keep paying my mortgage without a problem. I recently got married and my husband contributes. The mortgage is in my name and is coming to an end soon. I want to start a new mortgage with a new bank that has cheaper monthly payments. If I declare that I am temporarily unemployed but the mortgage payments will not be affected will I still lose my mortgage?

Also, if the full payments start coming out of my husband's account will they make me change the name on the mortgage to his?

Please advise!

Thanks!

Replies

  • You can stay with your current lender for as long as you wish (within the total term originally agreed) provided you keep up the agreed payments - they do not care where your money comes from as long as its legal (although some may not let you change to an account for your DD that does not have your name on).

    As for applying for another (replacement) mortgage in your own name only - with the current or alternative lender - not a chance in your current circumstances.
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  • Fairdo_2Fairdo_2 Forumite
    442 posts
    As per what SPM said above, but if you look further into it, you may be pleasantly surprised that your monthly payments might actually come down by a decent margin anyway, so do not assume at the moment that the best thing for you would be to change your provider.

    If you are not borrowing any more money, then your current lender may also offer you a "loyalty deal" if you ask them aswell.

    Try to find out your options with them first, but it may not ba a bad thing to stay on their Standard Variable Rate for a while until you get sorted anyway.
    I am a Mortgage Adviser
    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.
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