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Can i remortgage when unemployed?
wazza
Posts: 2,595 Forumite
Cousin is currently on JSA. He has received a letter from his current mortgage provider. They are closing down their mortgage business and has instructed cousin to change his mortgage provider. He has a couple of months to sort it out.
Since he is unemployed how easy will it be for him to remortgage? His current mortgage is a repayment type.
Can you recommend any providers?
Since he is unemployed how easy will it be for him to remortgage? His current mortgage is a repayment type.
Can you recommend any providers?
Problem with having access to internet is that i get asked by many to solve their problems 
Well at least i learn something on the way 
Well at least i learn something on the way 0
Comments
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Not possible, I'm afraid.
His lender cannot simply tell him to go elsewhere. He has an agreement with the lender and unless he breaks the terms, he's entitled to continue it.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It will be virtually impossible.
How much does he owe?
Property value?
What income, besides JSA, does he have?
What rate is he currently paying?
How clean is his credit history?
The mortgage account will remain open. He will still need to meet payments.0 -
kingstreet wrote: »Not possible, I'm afraid.
His lender cannot simply tell him to go elsewhere. He has an agreement with the lender and unless he breaks the terms, he's entitled to continue it.
I also thought that it was a binding contract. Will advice him to see CSA.Problem with having access to internet is that i get asked by many to solve their problems Well at least i learn something on the way 0 -
opinions4u wrote: »It will be virtually impossible.
How much does he owe?
Property value?
What income, besides JSA, does he have?
What rate is he currently paying?
How clean is his credit history?
The mortgage account will remain open. He will still need to meet payments.
How much does he owe? - he mentioned that there is roughly £20k remaining. He does not have access to funds to pay it off
Property value? - my guess is £60-80k
What income, besides JSA, does he have? - He is a lone parent. Has 4 children under the age of 16. Does not have any other income apart from CB, CTC if you class that as income
What rate is he currently paying? - will ask him
How clean is his credit history? - clean history. I believe he has no credit cards. It is either cash or debit card.Problem with having access to internet is that i get asked by many to solve their problems Well at least i learn something on the way 0 -
kingstreet wrote: »Not possible, I'm afraid.
His lender cannot simply tell him to go elsewhere. He has an agreement with the lender and unless he breaks the terms, he's entitled to continue it.
Got my cousin to read out the letter to me. He has misunderstood the meaning.
What the letter was saying was that they are no longer offering mortgages to new customers. Those with an existing mortgage might find that they can get a better deal elsewhere.
In another words they would prefer you to go elsewhere but will keep you if they have to but don't expect any good deals.
Have adviced him to visit CAB and also ring the mortgage provider to let them know he is sticking with them.Problem with having access to internet is that i get asked by many to solve their problems Well at least i learn something on the way 0 -
Basically there is a long way to provide a wide array of financial assistance for different types of condition. A loan for the unemployed is a specific category for those in dire situations and with this particular option. You can always go for a loan for the unemployed and see what your chances are in meeting specified requirements.0
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