morgage and redundancy help

Cayote

That raises an interesting question. Does hheadcase need to advice her mortgage lender of his/her change in circumstances?

If hheadcase does what will be the lenders reaction?

Cayote.

UK007BullDog

Well........
If the contract states so, then yes.

The lender would go nuts in the admin department each time a letter comes in from people changing jobs all the time.

Personally I would not bother, as long as the mortgage gets paid on time the lenders don't care.

The poster did not say how much they are paying a month but the £7000 income from partner might not even cover the mortgage. The bursary is also not a lot and 4 mouths to feed...... If they are on repayment they might consider going interest only for the next 3 years.

They will need the £50,000 to pay for part of the everyday living costs. Its not a bonus to put towards the mortgage but I truly believe they will need it to live on. Unless they live totally frugal with no extras at all, no entertainment, no special treats, maybe no car etc.

hheadcase

Many thanks for all the replies :beer: , work will pay my redundancy over 3 years if needed which helps with the tax but will have to find out whether I would be better off putting it in my account and gaining interest on it as I will get a tax rebate anyway as I won't be working. I have considered the interest only mortgage as it will save me about £200 per month but not sure whether I will be able to cope with the increase once qualified.
I have also considered a off-set morgage but have had arrears and my advisor did not agree with it - did not know about the redundancy then though. Thanks again HH