Unemployed - mortgage term up for renewal

The_Unknown_Superstar

Hi people, I was made redundant a few months ago and still owe about 50k on my mortgage. I received a decent payout and can afford to keep paying the mortgage for as long as it takes really and there is plenty of scope for lodgers if needs dictate. However my mortgage term is coming up for renewal in a few months and I was hoping to be able to look around for a better deal. Is this going to be an option now that I'm no longer in employment or will I have to stick with my current provider and accept the terms they offer me?

payless

most likely current provider

salanddaz

The_Unknown_Superstar wrote:

Hi people, I was made redundant a few months ago and still owe about 50k on my mortgage. I received a decent payout and can afford to keep paying the mortgage for as long as it takes really and there is plenty of scope for lodgers if needs dictate. However my mortgage term is coming up for renewal in a few months and I was hoping to be able to look around for a better deal. Is this going to be an option now that I'm no longer in employment or will I have to stick with my current provider and accept the terms they offer me?

Just like payless said your current lender is probably the best bet. If you try and re-mortgage you will probably not get an agreement off anyone to lend you the money as you are unemployed and do not have a regular income. Your current lender will not ask you to provide proof of this and as long as you continue to repay the mortgage to them they probably won't be concerned.