redundancy & mortgage

Georges_Mum

Sorry if this has been asked before, but I have been trawling through and couldn't find anything on it.

I have taken voluntary redundancy, I am a full time student that has worked as a civil servant for 19 years - the past two years part time to pay the bills whilst I'm at uni.
My husband is unable to work, due to a bad accident whilst in France (therefore not entitled to benefit as out of the country for 4 years!!) and we have a 10 year old chold.
I am quite happy to sort out the benefit side of things, but someone has just told me that I need to inform the mortgage company that I will be redundant. I will carry on paying the mortgage of course....but do I need to tell them if I just keep paying ??

Sorry its a long thread! Thanks for any advice xx

kborom

You need to check your particular agreement but I would think it is fairly certain that you have to advise them of changes in your circumstances such as this.

Do check your agreement first though and if necessary get extra advice.
I am in the same situation but have yet to look at the agreement to see what the impact is going to be, if any.

123benji123

You don't need to tell them. However, it would be wise to tell them, especially, if your savings ran out and you still haven't got another job.

Consider renting a room, (if you have any) - you need to start making money. Consider renting your garage etc... Start making provisions or otherwise in 3 months time you may find your self asking the question on arrears / bankruptcy etc.

I have seen enough of those threads here. Its quite depressing seeing so many in trouble.

Good Luck

patman99

As you took VR, this will rule-out any claim on a protection policy (if you have one).