Mortgage while on Benefits

cc74

Since taking out my mortgage, my circumstances have greatly changed. I am now on IS and HB help with mortgage. I'm hoping this situation will change in the next 6 months and I can return to full time work.

My question is: My mortgage was fixed rate for 2 years with Abbey. I'm not sure what to do now. Do I stay with them as they know my circumstances or do I try and get a better rate with another lender. My outstanding mortgage is about 70K. I put down a 40K deposit.

I'm worried I will not be able to move my mortgage because of being on benefits. But I want to get a fixed mortgage again as I need to know what comes out each month and I'm worried about interest rates going up.

I hope I've made myself clear. Any advice welcome. Thanks

brannyrhino_2

cc74 wrote:

Since taking out my mortgage, my circumstances have greatly changed. I am now on IS and HB help with mortgage. I'm hoping this situation will change in the next 6 months and I can return to full time work.

My question is: My mortgage was fixed rate for 2 years with Abbey. I'm not sure what to do now. Do I stay with them as they know my circumstances or do I try and get a better rate with another lender. My outstanding mortgage is about 70K. I put down a 40K deposit.

I'm worried I will not be able to move my mortgage because of being on benefits. But I want to get a fixed mortgage again as I need to know what comes out each month and I'm worried about interest rates going up.

I hope I've made myself clear. Any advice welcome. Thanks

I would say your best option is to ask the Scabby to offer you a new fixed rate as you are a valued customer thinking of moving. Dont mention or remind them you are on benefits as they will know you are going to find it difficult to remortgage.