Switch Mortgage

Jimbolite · 23 November 2010 at 11:00AM

Is it possible to switch your mortgage if your out of work? Im not in arrears & I am in a position to add a small amount of capital if needed.
Just wanted to check here first before I contact a broker in case somebody can recommend the best way forward.
I have already tried everything with my current lender to get a better deal.......

Yorkie1 · 23 November 2010 at 11:03AM

I consider it highly unlikely. Switching to a new lender will involve a new application, with associated affordability / income / credit checks - which I'd imagine you would fail as you are currently not in work.

beecher2 · 23 November 2010 at 11:12AM

No, not possible I'm afraid.

Jimbolite · 23 November 2010 at 11:13AM

Ok thanks Yorkie1, I will just have to stay where I am for the time being....its not the end of the world!

michaels · 23 November 2010 at 11:41AM

This is a good question - I am on a +2% life tracker at the moment, I could go to a +1.49% 2 year tracker but then I would need to remortgage in 2 years or go on to an svr if for whatever reason (loss of job, mega house price falls) I was not able to remortgage.