Can a bank take away my mortgage if I loose my job?

jd1000

Hi all,

We have a 5 year fixed rate mortgage, in about year 4 at the moment.

Do i Have to let the bank know if I am made redundant? Could they pull my mortgage based on that, or only if I don't keep up repayments?

Thanks,

JD

HappyMJ

No......Keep making the payments and you can keep it forever.

bryanb

When your fix ends, you may want to remortgage, you have to tell them then. If you stay on SVR all will be OK if you keep paying.

jd1000

Thanks guys!

_Andy_

If you were staying with the same lender, regardless of taking a new fix or not, you would not need to disclose this to them as it won't be underwritten again.
You would only need to do so if a) you were borrowing more money and/or b) you were changing lenders.

magpiecottage

_Andy_ wrote: »

If you were staying with the same lender, regardless of taking a new fix or not, you would not need to disclose this to them as it won't be underwritten again.
You would only need to do so if a) you were borrowing more money and/or b) you were changing lenders.

Or if it results in you having trouble meeting repayments. Although lenders will, ultimately, have to protect the interests of depositors, they are required to treat borrowers with financial difficulties sympathetically but they do first need to know that you have problems.

Lets hope you get something else quickly, though.

greenflamingo_2

so what would happen if someone wanted to port a mortgage and one half of the couple had been made redundant - you wanted the same interest rate, payment period and amount borrowed - but on a different property - would it need to be underwritten again based on the change of circumstances?

_Andy_

greenflamingo wrote: »

so what would happen if someone wanted to port a mortgage and one half of the couple had been made redundant - you wanted the same interest rate, payment period and amount borrowed - but on a different property - would it need to be underwritten again based on the change of circumstances?

Yes it would be as per a new application.