redundancy in 6 weeks and mortgage due for renewal

vcb1981

I have been told today that my job will be made redundant and my mortgage is due to be renewed and I have an appointment with my mortgage man in a weeks time.

I wont have a problem getting a new job and paying for the payments but I just want to know where i stand. I guess I will have to tell the mortgage company that i am being made redundant so will I still be able to get a mortgage? What happens if not? My mortgage is under my name although I have recently got married. what would happen if I didnt tell them about redundancy and they found out?

I hope my questions dont sound too silly but I guess I am a little confused and worried. I can still give them 3 months payslips from my current company but am worried what will happen if they find out that I knew about the redundancy when I sign up for a new deal.

Thrugelmir

Staying with your existing lender and moving to a different product isn't an issue.

Remortgaging would be an issue if you failed to disclose material facts on the application. Don't risk it.

Burridge60

They cant and wont ask you to repay your current mortgage but they might be more circumspect about offering you a follow on deal.

If there is any danger that you will not be able to meet your mortgage payments or if you have a cash based emergency fund you want to eek out a little further then it would be worth speaking to them. Worst case is you go to interest only to make your cash last longer before your new job starts. Dont forget to revert back to capital and repayment once you can meet the payments again as the Bank wont do it for you.

pinkteapot

You can just roll onto the SVR, work in your new job for six months, then apply for a new mortgage deal.... Then there's no need to cover up the redundancy.

vcb1981

Thanks all. Feel a little better about this now! Never missed a payment with them even though I was made redundant right after I took out the deal nearly 3 years ago so hopefully should be fine